Global oil prices have fallen well below their recent peak. But don’t expect to see relief at the pump in the coming days.
The war in Iran virtually closed the Strait of Hormuz, choking off about a fifth of the world’s oil. However, oil prices tumbled by 12% on Tuesday after President Donald Trump said he expected the war to end “very soon.” Futures were slightly higher again in Wednesday morning trading but nowhere close to the nearly $120 oil was briefly trading for earlier in the week.
Even if oil futures begin to fall back to earth, that doesn’t mean immediate savings at the