Why Gas Prices May Not Return To Pre-War Levels Soon

BusinessEnergyWhy Gas Prices May Not Return To Pre-War Levels SoonByRobert Rapier,Senior Contributor.Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector.Follow AuthorJun 17, 2026, 11:03am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.SummaryGasoline prices are falling, providing welcome relief to drivers after the Iran conflict and Strait of Hormuz disruption. This decline is largely due to futures markets pricing in a U.S.-Iran agreement, anticipating reopened shipping lanes and resumed oil exports. However, experts caution that this relief doesn't signify a return to pre-war normalcy. The physical oil market, with its complex logistics, insurance, and shipping backlogs, will normalize far slower than futures prices. Critically, severely depleted global inventories necessitate aggressive restocking, creating a strong demand floor. Combined with refining margins and seasonal demand, the journey back to pre-war gasoline prices will be slower and more uneven than current market optimism suggests.Show More US President Donald Trump arrives as India's Prime Minister Narendra Modi (L) and Brazil's President Luiz Inacio Lula da Silva (R) attend a morning work meeting to "revive balanced, inclusive, and sustainable economic growth for the benefit of all" in the presence of the G7 countries, partner countries, the International Monetary Fund, and the OECD, as part of the G7 summit, in Evian, eastern France, on June 17, 2026. G7 leaders will discuss on June 17, 2026, the security risks posed by AI and social media on the last day of a summit dominated by US the President, before host French President dines with his US counterpart at the Palace of Versailles. The three-day summit of the leaders of Canada, France, Germany, Italy, Japan,B ritain and the United States has focused intensely on the US...