Gas prices could fall following ceasefire deal with Iran

FORT MYERS, Fla. (WINK)—A ceasefire between the U.S. and Iran is in effect as of Tuesday, and crude oil prices dropped less than three hours after the deal was announced.

Even with the Strait of Hormuz closed now because of Israeli attacks in Lebanon on Wednesday afternoon, the drop in oil prices could mean relief at the pump for Florida drivers. AAA told WINK News this ceasefire doesn't necessarily mean prices will drop overnight, but if it stays steady and the ceasefire remains in effect, drivers can expect the price per gallon to slowly go down over the next couple of weeks.

"The state average jumped from $2.88 per gallon to a peak of about $4.23 per gallon on April 2, that's the highest daily average price in about four years," said Mark Jenkins, an AAA representative.

Florida drivers have been feeling the pain the last month every time they go to fill up. They say their tanks cost at least $20-$30 more than normal.

"Everybody's wondering what's going to go on, what's going to happen," said Jerry Velzka.

Velzka says with his daily drive, $4 a gallon adds up fast.

"I live in Cape Coral, so for me, it's 14 miles one direction, 28 miles both ways. So yeah, it impacts," Velzka said. "I have to fill up more than just once, usually another half of the tank."

Jenkins says since the ceasefire deal, drivers should start to see lower prices at the pump, but it's reliant on whether this ceasefire holds.

"The oil market is heavily driven by headlines. And if headlines come out that there's a break in the ceasefire, or that the flow of oil is not actually going to move through the Strait of Hormuz, then you could certainly see oil prices move higher," Jenkins said. "You know, it's a very fluid situation that we're dealing in right now. The good news for the drivers is that oil prices are lower as we talk today, but you just never really know what tomorrow is going to hold."

Drivers just hope that the relief at the pump comes sooner than later, especially for those who need it.

"Especially the lower-income people, I mean, that's the ones that are really being affected by it, more so than people are making halfway decent money," Velzka said.

At this point, it's really a waiting game to see when drivers will see any noticeable drop in prices.