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International Business Times UK

World

Jim Manzon

Oil Price 2026 Forecast: Five Things Brent's Slide to $80 Means for Your Energy and Food Costs

Oil United States CBS News Iran

Oil prices fell to two-month lows but US drivers still face four-year-high gas costs at the pump until at least July (Credit: Engin Akyurt/Unsplash)

Brent crude crashed to $83 (£62) a barrel on Monday morning. American drivers and shoppers hoping for cheaper gas and groceries will still be waiting weeks for the relief to reach their wallets.

The slide came after US President Donald Trump posted on Truth Social on Sunday evening that an agreement with Iran will be signed on Friday, including the reopening of the Strait of Hormuz and the immediate lifting of the US naval blockade.

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