NEW YORK (April 7): Fuel prices could keep rising for months even after the Strait of Hormuz reopens, the US Energy Information Administration said on Tuesday, deviating from President Donald Trump's assurances that consumers will see immediate relief when he ends the war with Iran. The US-Israeli war with Iran, now in its second month, has sent oil and fuel prices skyrocketing around the world as Iran has been blocking vessels from crossing the Strait of Hormuz, a key trade chokepoint. However, the EIA, the US Department of Energy's statistical arm, was less certain in its short-term energy outlook report. Trump has given Iran an ultimatum to open the Strait of Hormuz by the end of Tuesday. The EIA said it expects diesel prices to peak at a monthly average of US$5.80 a gallon in April, and average US$4.80 a gallon for the year.

Source: The Edge Markets April 07, 2026 16:39 UTC