US gasoline prices fall below $4 for first time since July

US gasoline prices fell below $4 a gallon on Tuesday for the first time since July, offering motorists relief as crude oil prices retreated.

The national average for regular gasoline stood at $3.9788 a gallon, down from $4.0093 the previous day, according to the American Automobile Association (AAA).

Prices declined about $0.17 from a week earlier and nearly $0.39 from a month ago. However, the average remained above the $3.0707 recorded a year earlier.

The decline comes amid falling crude prices and hopes for an easing of tensions in the Middle East, alongside recovering oil shipments from the Persian Gulf.

International benchmark Brent crude briefly fell below $90 a barrel on Tuesday for the first time since August, as remarks by US President Donald Trump fueled hopes for an end to the conflict with Iran.

The latest pump prices follow a slowdown in monthly energy price increases in October.

Data released Tuesday by the Bureau of Labor Statistics showed energy prices rose 0.7% last month, compared with a 5.2% increase in September.

The gasoline index increased 1% on a seasonally adjusted basis, slowing from September’s 9.1% jump. Before seasonal adjustment, gasoline prices fell 0.7% in October.

Overall consumer prices rose 0.4% last month, easing from 0.6% in September, while prices excluding food and energy increased 0.3% for a third consecutive month.