Oil prices dropped 9% and the stock market rallied after President Trump and Iran's foreign minister announced the Strait of Hormuz is fully open, though energy experts warn it could take months for prices to return to pre-war levels.

The Trump administration's top energy official said Americans may not see pre-Iran war gas prices until next year.

WASHINGTON — Prices at the gas pump likely peaked about a week ago and should start to slowly decline over the coming weeks as the war in Iran comes to a close, Energy Secretary Chris Wright said Sunday.

Energy Secretary Chris Wright said Sunday that gas prices may not drop below $3 until next year, as energy prices spike amid Iran’s restrictions on shipping through the Strait of Hormuz. “I

The diplomatic push to end the conflict with Iran reached a high-stakes crossroads Sunday, as Energy Secretary Chris Wright confirmed that the Strait of Hormuz remains unsafe for commercial travel despite ongoing talk of a potential deal.

As the conflict in the Middle East drives up prices at the pump, experts say suspending gas and diesel taxes isn't the easy fix it may appear to be.