It is hard not to see more upside than downside risks to oil prices as long as the Strait of Hormuz remains closed, said Commonwealth Bank of Australia.

If the United States buys so little oil from the Persian Gulf, why would a war in the region cause gas prices here to spike?

Oil futures are plunging – but it could still take weeks or months before gas prices are dramatically lower.

Oil prices slumped Wednesday on hopes that a two-week ceasefire in Iran could pave the way for a resumption of oil production and flows in the Middle East. But experts warn that, even if flows resume,

The two-week ceasefire deal between U.S. and Iran sent oil prices down, but gas and groceries can still be impacted.

“As a rule of thumb, three to five days is a good assumption for the lag between an oil price increase and higher prices at the pump,” said Pavel Molchanov, an analyst at Raymond James. But “on the way down, 10 to 14 days” could pass, he said, before gasoline prices reflect the steep decline in crude costs.

Oil falls 16% as markets react to a reported U.S. strike pause on Iran, weighing relief hopes against rising uncertainty across stocks, energy and safe-haven assets.

Six weeks ago, the world was practically swimming in crude oil. The market was oversupplied and prices were low and stable. But now, some parts of the energy market are acting like the world is on the verge of running dry.