The US is still waiting to hear Iran’s response to their proposal to end the war and open up the Strait of Hormuz. Iran says it’s going to respond through Pakistani intermediaries. Now experts warn even if Iran accepts, we’re not going to see pre-war gas levels anytime soon. As the US and Iran negotiate terms for *** potential end to the war, many Americans now wonder if there’s relief ahead at the gas pump. Now when this war ends, gasoline and oil and everything is going to come tumbling down. But oil and gas expert Ed Herz says he expects prices to remain high at least through the summer. I don’t think we’ll see gasoline prices, you know, get, get to the downside until the fall. That’s because while oil prices can move quickly on headlines, gas prices depend on actual supply. Millions of barrels have been stuck on tankers in the Strait of Hormuz since the war began, and US companies have been filling the gap globally, but it’s going to have an impact at home. We’re exporting over this past month more oil and refined products than we produce, and so we’re going to be running at much higher prices even if peace breaks out today. The last time we saw *** price. at the pump like this was at the start of the war in Ukraine, but compared to that crisis, prices are rising faster and higher this time around. So *** deal could help oil prices first, but experts say gas prices at the pump may take longer to come down. And if there’s no deal, well, experts say it could be *** very expensive summer ahead at the White House. I’m Christopher Salos.
US intercepts Iranian attacks as Tehran weighs peace proposal
Gas prices have reached a national average of $4.55 as the U.S. awaits Iran’s response to a proposal to end the war and reopen the Strait of Hormuz.
Updated: 6:27 PM EDT May 7, 2026
The U.S. military says it intercepted “unprovoked” Iranian attacks on three Navy ships in the Strait of Hormuz and responded with “self-defense strikes” on Iranian military facilities.Iranian forces launched multiple missiles, drones and small boats as the USS Truxtun, USS Rafael Peralta and USS Mason were going through the strait, according to CENTCOM. The military said no ships were hit.The latest military exchange comes as Iran says it is reviewing a reported U.S. peace proposal aimed at ending the war and reopening the Strait of Hormuz. Iran has said it will respond to the proposal through Pakistani intermediaries.Meanwhile, gas prices in the United States have risen to a national average of $4.55 per gallon, the highest since July 2022, according to AAA. President Donald Trump said earlier this week, “Now, when this war ends, gasoline and oil and everything, it’s going to come tumbling down,” Trump said.But experts say gas prices are unlikely to drop quickly, even if the war were to end immediately. “I don’t think we’ll see gasoline prices, you know, get to the downside until the fall,” said Ed Hirs, a lecturer at the University of Houston and an oil and gas expert.While oil prices can react quickly to headlines, gas prices depend on actual supply. Millions of barrels of oil have been stuck on tankers in the Strait of Hormuz since the war began, creating a significant supply disruption.”We were exporting, over this past month, more oil and refined products than we produce, and so we’re going to be running as much higher prices, even if peace breaks out today,” Hirs said.The current price shock at the pump is reminiscent of the start of the Ukraine war, but gas prices are rising faster and higher compared to that crisis.
WASHINGTON —
The U.S. military says it intercepted “unprovoked” Iranian attacks on three Navy ships in the Strait of Hormuz and responded with “self-defense strikes” on Iranian military facilities.
Iranian forces launched multiple missiles, drones and small boats as the USS Truxtun, USS Rafael Peralta and USS Mason were going through the strait, according to CENTCOM. The military said no ships were hit.
The latest military exchange comes as Iran says it is reviewing a reported U.S. peace proposal aimed at ending the war and reopening the Strait of Hormuz. Iran has said it will respond to the proposal through Pakistani intermediaries.
Meanwhile, gas prices in the United States have risen to a national average of $4.55 per gallon, the highest since July 2022, according to AAA.
President Donald Trump said earlier this week, “Now, when this war ends, gasoline and oil and everything, it’s going to come tumbling down,” Trump said.
But experts say gas prices are unlikely to drop quickly, even if the war were to end immediately.
“I don’t think we’ll see gasoline prices, you know, get to the downside until the fall,” said Ed Hirs, a lecturer at the University of Houston and an oil and gas expert.
While oil prices can react quickly to headlines, gas prices depend on actual supply. Millions of barrels of oil have been stuck on tankers in the Strait of Hormuz since the war began, creating a significant supply disruption.
“We were exporting, over this past month, more oil and refined products than we produce, and so we’re going to be running as much higher prices, even if peace breaks out today,” Hirs said.
The current price shock at the pump is reminiscent of the start of the Ukraine war, but gas prices are rising faster and higher compared to that crisis.