Gas prices have fallen for 3 straight weeks, but they're still above $4 a gallon

Gas prices are falling, but remain above $4 per barrel. Sheldon Cooper/SOPA Images/LightRocket via Getty Images The average price of gas has fallen for three consecutive weeks, according to AAA data. Average prices across the US are still above $4 per gallon as of Monday morning. Oil prices slumped after the US and Iran agreed on a tentative deal to reopen the Strait of Hormuz. Pain at the pump is easing. The average price of gas across the US has fallen for three consecutive weeks, and continued to fall on Monday, according to AAA data. "The national average for a gallon of regular has been falling for three straight weeks, delivering some relief to drivers during the busy summer travel season," AAA said in a statement on Friday. At the time of AAA's release, the average price of a gallon of gas nationwide was $4.12, down from a high of $4.56 in May. By Monday morning, the average price had fallen a further 1.5% to $4.06. Gas prices spiked from less than $3 in February after the start of the US-Iran war. The war crippled global oil supply by leading to the closure of the Strait of Hormuz, a critical Iran-controlled waterway through which about 20% of the world's oil and liquefied natural gas flows. This, in turn, pushed crude prices sharply higher. Since then, oil prices have jumped on escalations of the conflict and fallen on any news of a potential peace deal or reopening of the Strait of Hormuz. AAA data released Friday showed the price of gas has fallen sharply in recent weeks. AAA On Monday, oil prices dropped 5% after news that the two countries had agreed to a tentative deal to reopen the strait, with Iranian officials saying the conflict would end on Monday night. The price of Brent crude, the international oil benchmark, has fallen from close to $120 per barrel in late April to around $83 as of 6 a.m. ET Monday. While the price of fuel is falling in tandem with the broader drop in oil prices, gas is still more than a third more costly than it was before the conflict began. In some US states, gas prices remain above $5 per gallon. In California, usually the most expensive state for gas, the average price per gallon is $5.74. Read the original article on Business Insider