The national average price of regular gasoline fell nearly 17 cents over the past week. Crude oil prices retreated on reports of fresh negotiations to extend a ceasefire with Iran and reopen the Strait of Hormuz.

Pump prices remain well above their prewar levels heading into the summer driving season. The decline reflects market reactions to developments in the Middle East that could ease supply concerns.

Analysts noted that any progress on reopening key shipping routes tends to ease immediate pressure on energy markets. However, the lingering gap above prewar benchmarks indicates that broader tensions have kept consumer costs elevated.

The summer driving season typically sees increased demand for fuel as Americans take to the roads for vacations and travel. Lower prices this week provide some relief, though experts expect volatility to continue depending on diplomatic outcomes.

Industry observers pointed to the sensitivity of oil markets to geopolitical events in the region. Reopening the Strait of Hormuz would represent a significant step toward stabilizing global supply chains.

Data on the national average comes from regular tracking of pump prices across the country. The nearly 17-cent drop marks one of the sharpest weekly declines in recent months.