WASHINGTON, United States (AFP) — United States (US) consumers saw some relief at the fuel pump on Thursday, as the average price of a gallon of regular gasoline fell below US$4 for the first time since March, according to the AAA motor club.

Global oil prices have tumbled after US President Donald Trump and Iranian counterpart Masoud Pezeshkian signed off on a deal to end their war and reopen the Strait of Hormuz to tanker and other shipping traffic.

The war sent energy prices surging, after Iran’s retaliatory actions included blocking the vital waterway, through which a fifth of the world’s oil and gas supplies normally pass.