Will the Iran ceasefire ease U.S. gas prices? Here's what experts think.

MoneyWatch Will the Iran ceasefire quickly ease U.S. gas prices? Here's what experts think. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham April 8, 2026 / 4:48 PM EDT / CBS News Add CBS News on Google Although an eleventh-hour truce between the U.S. and Iran immediately eased tensions between the warring countries, it could take some time for Americans to see relief from the soaring fuel costs that have pushed gasoline prices to their highest level in years, energy experts and economists said. Patrick De Haan, a petroleum expert at GasBuddy, said prices at the pump could start dropping as soon as this weekend, although the decline could initially amount to only a few cents per gallon."If the situation holds and it doesn't worsen, the national average probably has enough room to make a run at falling back below the $4 gallon mark," he said. "But it would probably take a couple of weeks for us to get there."For now, fuel costs remain painfully high. The national average for a gallon of regular gas rose on Wednesday to $4.16, up from $2.98 just before the U.S. and Israel attacked Iran at the end of February and up 91 cents from a year ago, according to data from AAA. In some states, prices soared above $5 a gallon, while diesel averaged $5.67.De Haan also warned that any drop in gas prices could quickly reverse if the ceasefire deal unravels. "If there's an abrupt halt or re-escalation, the decreases will stop, and prices could start to trend back up again."Global oil prices fell below $95 a barrel on Wednesday, down from their levels before the two-week ceasefire but still sharply elevated from the $65 to $75 range for crude in the days leading up to the conflic...