WASHINGTON (AURN News) — Oil prices fell Wednesday following news of a two-week ceasefire between the United States and Iran, even as Americans continue to face high prices at the pump.
According to AAA, the national average for a gallon of regular gas was $4.14 as of Monday. By Wednesday, prices had climbed slightly to $4.16 despite the ceasefire announcement.
Crude oil prices dropped sharply, falling to $94.66 a barrel on Wednesday afternoon after reaching $108.74 on Tuesday.
“The United States will work closely with Iran,” President Donald Trump said in a post on Truth Social.
“We are, and will be, talking Tariff and Sanctions relief with Iran,” he added.
Markets responded quickly to the development. The Dow surged following news of the ceasefire, reflecting investor optimism about easing tensions.
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