US consumers have seen some relief at the fuel pump, as the average price of a gallon of regular gasoline fell below $4 for the first time since March, AFP reports citing the AAA motor club.

Global oil prices have tumbled after US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, signed off on a deal to end their war and reopen the Strait of Hormuz to tanker and other shipping traffic.

The war sent energy prices surging, after Iran’s retaliatory actions included blocking the vital waterway, through which a fifth of the world’s oil and gas supplies normally pass.

The average price of a gallon of regular gasoline logged in at $3.99 on Thursday, according to AAA. It remains 34 per cent higher than on the day before the war was launched.