00:00Americans could see their gas prices fall significantly before the end of June.
00:04And the reason is the Strait of Hormuz.
00:06The U.S.-Iran deal announced Sunday reopens the world's most important oil choke point.
00:12About 20 percent of all global oil supply has been stuck on the wrong side of Iranian naval control since
00:18February.
00:19Within hours of the deal's announcement, Brent crude dropped over 5 percent.
00:23If the 60-day negotiating period holds, analysts project another 8 to 12 percent price decline in global oil markets,
00:32which would translate to significant relief at American gas pumps.
00:36Drivers have been paying between 60 cents and over a dollar more per gallon since the Strait went dark.
00:42That money comes out of groceries, rent, and family budgets.
00:45But there is a catch.
00:47Tanker backlogs mean full-price normalization could take four to six weeks.
00:51And if the nuclear talks collapse before 60 days are up, prices go right back up and probably higher.
