President Donald Trump on Tuesday agreed to a two-week ceasefire with Iran just hours before his 8 p.m. deadline to attack the country.
That ceasefire agreement includes that Iran will reopen the crucial Strait of Hormuz to allow the safe transit of oil tankers.
Whether the ceasefire agreement will result in lower prices for oil and gas remains to be seen.
Energy analysts say the ceasefire will calm supply fears, and gas prices should gradually start to decrease — but don’t expect anything to change quickly.
Patrick De Haan, head of petroleum analysis at GasBuddy, said in a post on X today, “Gas prices should start reversing nationally in 48 hours or so — by a few cents every day. Diesel prices may lag slightly — but where things stand now, diesel is NO longer likely to reach a record. National average gasoline could fall below $4 a gallon [in] 1-2 weeks, diesel [under] $5 in 6-8 weeks.
“These levels are tentative based on current markets. Changes are highly likely as the situation unfolds.”
De Haan urged drivers to wait to fill up their tanks, saying some stations may still raise prices today “after yesterday’s spike in wholesale costs.” He said in the next 36 hours “most increases should fade; prices may begin to ease. Weekend: declines could pick up, with drops of 1-3 cents a gallon every few days.”
WAIT TO FILL! Oil is holding losses- good news for drivers. Next up:
• Today: Some stations may still raise prices after yesterday’s spike in wholesale costs
• Next 36 hrs: Most increases should fade; prices may begin to ease
• Weekend: Declines could pick up, with drops of…— Patrick De Haan (@GasBuddyGuy) April 8, 2026
Oil supply will not come rushing back, experts say.
Amena Bakr, head of Middle East energy and OPEC insights at Kpler, said on X today, “A two week window isn’t enough to restore the damage done and the huge loss of 300 million barrels from the Middle East.”
On Wednesday morning Bakr posted, “On the ground, this ongoing war is still disrupting energy flows and has shut in around 11.5M [barrels per day] of production. Yes, oil prices are down, but let’s be clear, nothing fundamental has actually changed.”
As of Wednesday morning, the cost of Brent crude oil, the international standard, is $91 a barrel – down from more than $100 during the conflict that started on Feb. 28 when the U.S. and Israel attacked Iran.
The national average price Wednesday for gas is $4.16 a gallon, according to AAA. That is actually 2 cents higher than Tuesday.
The average in Pennsylvania on Wednesday is $4.20, up from $4.19 on Tuesday.
According to GasBuddy, the lowest gas price in the Harrisburg area today is $3.89 a gallon at Highland Mart in Highspire and Penn Jersey Mart in Millersburg.
BJ’s Wholesale Club in Lower Allen Township is at $3.97 a gallon. Costco in Silver Spring Township is $3.99 as is Giant in Hampden Township, Gulf in South Middleton Township and Wawa in East Pennsboro Township.
A month ago, the national average price for gas was $3.45 a gallon. In Pennsylvania, it was $3.57 a gallon.
On Tuesday, in a post on Truth Social, Trump warned, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”
After the ceasefire agreement was reached, Trump posted, “A big day for World Peace! Iran wants it to happen, they’ve had enough! Likewise, so has everyone else! The United States of America will be helping with the traffic buildup in the Strait of Hormuz.”