Home Economy Economic Activity R.I., Mass. gas prices drop on announced U.S.-Iran peace deal

R.I., Mass. gas prices drop on announced U.S.-Iran peace deal

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PBN Staff

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06/15/2026

US Gas Prices — THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 13 cents to $4.05 per gallon, AAA Northeast said Monday. / ASSOCIATED PRESS FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 13 cents to $4.05 per gallon, AAA Northeast said Monday. That price is 1 cent lower than the national average but $1.08 more than it was in Rhode Island a year ago. Northeast gasoline prices are falling as markets react to the weekend

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 13 cents to $4.05 per gallon, AAA Northeast said Monday. That price is 1 cent lower than the national average but $1.08 more than it was in Rhode Island a year ago. Northeast gasoline prices are falling as markets react to the weekend announcement of a tentative peace agreement between the U.S. and Iran that could reopen the critical Strait of Hormuz passageway later this week, AAA said. Markets on Wall Street Monday were poised to follow global markets sharply higher after a tentative deal was announced, while oil prices fell by close to $5 a barrel. Futures for the S&P 500 climbed 1.3% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.9%, Nasdaq futures jumped 1.3%. After repeated false starts, investors were betting that this time, the war might end. U.S. President Donald Trump confirmed the initial agreement and authorized an end to the U.S. naval blockade of Iranian ports. Iran confirmed the deal but signaled that implementation would not start until a signing that Pakistan said would be held June 19 in Switzerland. Broader negotiations on issues such as Iran’s nuclear program are expected to continue over the next 60 days. In trading Monday, the price of Brent crude oil, the international standard, fell $4.28 to $83.05 per barrel. U.S. benchmark crude lost $4.55 to $80.33 per barrel. Those are the lowest levels since the opening days of the war, which began in late February. It may take months for oil prices to stabilize after the disruptions from the war caused them to surge, pushing costs up for gasoline and many other products. Energy experts said shipping and insurance companies will want to be confident the pact will hold, ensuring that oil and gas supplies will flow freely enough for the world’s needs to be met. “The reopening of Hormuz is a relief valve, not a full peace dividend. The market can remove some crude panic, but it still has to price the gap between a headline, a signature and a regime that actually complies,” Stephen Innes of SPI Asset Management said in a report. Still, the news was a huge relief for markets that have been roiled for more than three months. “Drivers across the Northeast have seen slow and steady relief at the pump since mid-May and the potential for peace could bring even lower prices at the pump in the coming weeks,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Markets will likely remain impacted for some time as supply routes gradually resume, facilities are repaired and global emergency reserves are refilled after being depleted during the war.” Midgrade gas in Rhode Island averages $4.78 per gallon, premium gas averages $5.19 per gallon and diesel fuel averages $5.20 per gallon. In Massachusetts, the average weekly price of self-serve, regular unleaded is down 12 cents at $4.17 per gallon. That price is 11 cents higher and $1.18 more than it was a year ago. Midgrade gas in the Bay State averages $4.77 per gallon, premium gas averages $5.18 per gallon and diesel fuel averages $5.47 per gallon. (Material from The Associated Press was used in this report.)