MIAMI VALLEY — The agreement between President Trump and Iran has reopened the Strait of Hormuz, but gas and oil prices aren’t expected to drop again for a few months.
[DOWNLOAD: Free WHIO-TV News app for alerts as news breaks]
As reported on News Center 7’s Daybreak, President Trump and Vice President Vance virtually signed the agreement to reopen the Strait of Hormuz.
TRENDING STORIES:
- Authorities ask for community’s help after body pulled from Great Miami River
- B-52 bomber crashes after takeoff at US military base in Southern California
- Coroner IDs 37-year-old man killed in shooting near Dayton convenience store
News Center 7 spoke with Patrick De Haan, the Head of Petroleum Analysis with Gas Buddy.
“It could take a couple of months for oil prices to fully retreat back into the 60’s, which is where they were prior to the attacks on Iran,” he said.
De Haan said that the Strait of Hormuz “must stay open” for there to be any big drops in the gas prices.
Brandy Sizer from Dayton said that she has seen more money come out due to high gas prices.
“I like to travel, I like to drive everywhere, so it’s definitely been like hitting my bank account pretty hard,” she said.
Sizer said she has friends who are on a budget, and the prices have affected their budgets for groceries.
As hurricane season approaches, De Haan warns that any storms that do hit U.S refineries could also send gas prices back up.
[SIGN UP: WHIO-TV Daily Headlines Newsletter]
