"This is going to be a big win for consumers as inflation continues to come down."
According to Fox Business, the national average on a gallon of gas hit a four-year low of $3.20 on Friday. Despite the tensions in the Middle East, prices on oil have remained steady. Petroleum futures spiked when the US conducted the strikes; however, the spike was tamped down within the next few days.
There was no real disruption in the oil supply because of the speed at which Trump was able to have the US conduct the strikes, as well as broker a ceasefire between Iran and Israel. The US dropped several bunker-busting bombs and missiles on the facilities last week, with the president saying that the facilities were "obliterated."
A ceasefire was then reached after Iran launched an attack on the US base in Qatar, but the missiles did not injure or cause any deaths. Despite all of that, markets believe that the risk of the Strait of Hormuz, a key waterway for shipping in the Middle East, has lessened.
Phil Flynn, an energy market analyst and Fox Business contributor, said of the situation that there is also less risk on the impact of gas prices, now that Iran’s nuclear program has been neutralized.
"This is going to be a big win for consumers as inflation continues to come down," he stated.
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