Episode Details

President Trump and Irans foreign minister announce the Strait of Hormuz is fully open, causing oil prices to plummet and the stock market to soar. While gas prices have already dipped slightly, they remain 37% higher than before the conflict. Experts warn that while crude oil prices may drop rapidly, pump prices will lag due to slow tanker speeds and backups in the Persian Gulf. Motorists may see a few cents off every couple of days, potentially reaching $3.45 to $3.65 by Memorial Day, but security concerns and war damage will keep prices elevated. Over 150 tankers are jammed up, and mines need to be cleared and wrecked refineries repaired. If the strait stays open and tankers roll out, markets should balance in a couple of weeks with possibly a 50-cent drop per gallon. Full recovery to pre-war levels may take until late this year or early next.

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