Oil Prices Plummet, Gas Prices Drop

0:00Oil prices took a sharp dive Friday, dropping around 10 percent after Iran announced the Strait of Hormuz is fully open for commercial ships during. The ceasefire between Israel and Lebanon. West Texas Intermediate Crude fell $10.33, or $10.91 to $84.36 A. Barrow. Brink Crude dropped $8.89, or $8.94 to $90.05. This price prices at the pump followed suit, with a national average for regular falling to $4.08 per gallon, down from a yearly, high of $4.17 on April 9th. That's a big break for drivers, since Crude makes up more than half the cost of fuel. Prices had spiked since the Middle East War kicked off on February 28th, climbing near $120.00 a barrel when traffic. Slow through the Strait, which carries one-fifth of global oil supplies. This felt the pinch at stations everywhere amid those tensions.

1:02Meanwhile, stocks cheer the news, with the S&P 500, up 1.09 percent, the Dow Jones industrial average climbing 1.84 percent, and the NASDAQ composite, gaining 1.28 percent by 2 p.m. Eastern time. A U.S. blockade on Iranian ports holds steady, forcing 19 ships to turn back since it started this week. And Trump dropped hints of progress, too, saying a deal to end the war is nearly done, with Iran agreeing to pause its nuclear program. And definitely. He's open to stretching the two-week ceasefire from April 8th, which could keep things calm and prices steady moving forward. That wraps California news today, brought to you with AI.