PHOENIX (AZFamily\/AP\/CNN) \u2014 The United States, Israel and Iran have agreed to a two-week ceasefire, sending oil prices plunging Wednesday morning.<\/p>\n
West Texas Intermediate Crude futures fell more than 15% to below $95 a barrel. President Donald Trump announced the news of the ceasefire on Truth Social, with the condition that Iran reopen the Strait of Hormuz.<\/p>\n
The closure of the passage caused the biggest oil supply shock on record. Iran says that in this ceasefire, its military will regulate vessels traveling through the strait.<\/p>\n
Will gas prices go down in Arizona?<\/p>\n
Arizona\u2019s Family reached out to a number of experts to ask when and if gas prices will go down nationally and in Arizona. Patrick De Haan, the head of petroleum analysis of GasBuddy<\/a>, posted the following on X:<\/p>\n these levels are tentative based on current markets, changes are highly likely as the situation unfolds.<\/p>\n \u2014 Patrick De Haan (@GasBuddyGuy) April 8, 2026<\/a><\/p>\n \u201cMy guess is that they come down a little bit in the next few days, maybe the next week or so, but I wouldn\u2019t anticipate a whole lot,\u201d said Clark Miller<\/a>, a professor in the School for the Future of Innovation in Society at Arizona State University.<\/p>\n Miller spoke to Arizona\u2019s Family via Zoom Wednesday morning, and he predicts gas prices won\u2019t drop overnight, but maybe $.20 or $.30 per gallon in the next week. And that\u2019s just a guess.<\/p>\n \u201cGas prices tend to go up faster than they come back down,\u201d he said. \u201cThat\u2019s just sort of a market elasticity kind of thing. Gas station owners tend to be somewhat conservative in their pricing, you know, on the way back down, making sure that oil is really coming down in price.\u201d<\/p>\n A lot of factors are at play that impact what you pay at the pump. Miller says we\u2019ll be shifting soon from the standard winter blend of gas to the more expensive summer blend of gas. The EPA did put a temporary lift on summer gas regulations through May 20th, but it\u2019s unclear if the agency will extend that.<\/p>\n Miller says there was also a lot of damage to infrastructure in the Middle East, so that could take time to repair.<\/p>\n \u201cWe\u2019ve got to see that Iran does, in fact, open the straits back up and allow substantial numbers of ships to travel through and to travel through safely,\u201d he explained. \u201cThat will be slow because the shipping companies are going to be nervous and they\u2019re going to be careful about how to do that.\u201d<\/p>\n Keep in mind that the ceasefire is temporary. If a permanent peace plan isn\u2019t put in place, Miller says it\u2019s possible oil prices could go back up if the Strait of Hormuz closes again. He\u2019s urging Americans to be patient.<\/p>\n \u201cPrices didn\u2019t go up overnight. I mean, I know it\u2019s felt fast, but it\u2019s been a couple of months,\u201d he added. \u201cAnd so just patience, with those prices coming back down. And fingers crossed, right?\u201d<\/p>\n See a spelling or grammatical error in our story? Please click here to report it<\/a>.<\/p>\n Do you have a photo or video of a breaking news story? Send it to us here<\/a> with a brief description.<\/p>\n Copyright 2026 KTVK\/KPHO. All rights reserved.<\/p>\n