Duffy Predicts Immediate Gas Price Drop After Hormuz Reopens

U.S. Transportation Secretary Sean Duffy predicted on Sunday that gasoline prices would begin falling immediately once shipping resumes through the Strait of Hormuz, a key oil transit route disrupted by the ongoing conflict with Iran.

Duffy made the remarks during an interview on ABC's This Week, responding to analysts who warned that even an immediate reopening of the strait could take months to ease prices at the pump. "Once the Strait opens, you'll see prices come down, come down immediately," Duffy said. "There's going to be a tail to that... but you're going to see, I think, immediate relief." He acknowledged that a full return to pre-conflict levels would require more time but emphasized near-term improvement.

The comments come amid surging fuel costs linked to restricted flows through the strait, which normally handles about one-quarter of the world's seaborne oil trade. The national average price for regular gasoline stood at about 4.46 per gallon as of Monday, according to data from the American Automobile Association and GasBuddy, marking an increase of more than 1.50 dollars since the conflict began. Diesel prices have risen even more sharply in some regions,...