U.S. average gasoline price slips under $4 a gallon to $3.997 for first time since mid-April

The U.S. average retail gasoline price fell to $3.997 a gallon, dropping below $4 for the first time since mid-April. The decline follows a preliminary U.S.-Iran deal that has fueled expectations the Strait of Hormuz—through which nearly a fifth of global oil flows—could reopen. While reopening would still require weeks of mine clearing and insurance to be restored, the prospect of improved supply has pushed crude and gasoline futures lower. Gasoline inventories have also fallen to their lowest seasonal level in a decade, at 215.1 million barrels.