New York:The average price of regular gasoline across the nation has dipped below $4 per gallon, marking the first occurrence since July 20, as reported by data from motor club AAA.

According to Azeri-Press news agency, this decline in gas prices follows a significant drop in oil prices. President Donald Trump has downplayed the likelihood of renewed strikes on Iran and has advocated for progress in trilateral discussions involving Russia and Ukraine.

Despite the recent decrease, gas prices have surged over 30% since February 28, when President Trump and Israeli Prime Minister Benjamin Netanyahu initiated the Iran war, and have increased approximately 40% since the start of the year. The reduction in gasoline prices coincides with a 13% plunge in oil futures last week, marking the largest one-week percentage drop for the global crude oil benchmark Brent since April 2020. This was a time when the Covid pandemic began to significantly curtail the global economy and oil demand. Additionally, oil prices dropped by another 5% on Monday, reaching their lowest level since August 31, and briefly fell below $90 per barrel on Tuesday.