The current relief at the pump mirrors a broader cooling in crude markets. Brent crude prices settled near $75 per barrel Thursday, a recovery from a brief dip to $72 as supply chains stabilize. Saudi Arabia has resumed operations at the Ras Tanura export terminal, and Iraqi exports are climbing as tankers cautiously return to the Persian Gulf.

However, this recovery remains fragile. Transit through the Strait of Hormuz, while improved, fails to reach pre-war volumes. Shipping companies continue to navigate geopolitical volatility, underscored by reports of a vessel struck by a projectile near Oman. This persistent regional instability creates a lag between wholesale crude drops and retail price adjustments. While oil futures have returned to pre-conflict levels, the price at the pump remains roughly 65 cents higher than last July, leaving consumers paying a premium for the lingering uncertainty in global energy transit.