Gas Prices Drop Across U.S., Canada, Europe Amid Ceasefire

Gas prices in the U.S. and other regions are showing signs of decline after recent fluctuations driven by geopolitical tensions and market volatility. Patrick De Haan of GasBuddy anticipates the lowest summer gas prices since 2021, with prices potentially falling below $3 a gallon by September as the Israel-Iran conflict de-escalates. Regional adjustments reflect this trend, such as in Prince Edward Island, where gas prices dropped by 6.5 cents per liter following IRAC’s latest regulation. Similarly, in Guam, regular gas prices have decreased by 10 cents, marking the lowest rates so far in 2025. Internationally, Luxembourg will also see fuel prices decline significantly, with gasoline and diesel prices dropping by around 5 to 6 cents per liter. These decreases are attributed to easing geopolitical tensions, increased refinery output, and softer consumer demand after early summer peaks.