06/15/2026
Please see our following press release regarding the a projected peace agreement with Iran.
FOR IMMEDIATE RELEASE
CEMA Welcomes Peace Agreement, Sees Early Relief in Energy Markets While Urging Patience as Recovery Continues
Key Takeaways
1) Crude oil prices have fallen from $126 to below $80 per barrel following the peace agreement announcement.
2) Connecticut gasoline prices have dropped about 15 cents per gallon over the past week.
3) While the news is encouraging, global oil supplies have not yet fully recovered.
4) Consumers should expect a gradual, not immediate, price recovery.
HARTFORD, Conn. — The Connecticut Energy Marketers Association (CEMA) today welcomed the announcement of a peace agreement that is expected to bring an end to the largest oil supply disruption in modern history. The development has already delivered encouraging news for consumers, with global crude oil prices falling sharply and retail gasoline prices beginning to decline.
“Any step toward restoring stability in the Middle East is good news for consumers and for global energy markets,” said Chris Herb, president of CEMA. “The immediate drop in crude oil prices reflects renewed confidence that oil supplies will begin flowing more normally once again.”
Crude oil prices have fallen to just below $80 per barrel, down significantly from their recent high of $126 per barrel. Connecticut motorists are already seeing some relief at the pump, with AAA reporting that gasoline prices have declined by approximately 15 cents per gallon over the past week as markets anticipated a peace agreement.
While these developments are encouraging, CEMA cautioned that the underlying global supply situation has not yet fully recovered.
Until oil is once again moving freely through the Strait of Hormuz and production facilities throughout the region resume normal operations, global energy markets will remain in a fragile position.
Consumers should expect a gradual, and not an immediate price recovery.
“The peace agreement is an important and encouraging milestone if it holds,” Herb said. “But restoring global energy markets is a complex process, not an overnight event. Consumers should welcome the positive direction while recognizing that patience will be required as supplies normalize and markets stabilize.”
CEMA noted that the global oil supply chain operates on long timelines. Tankers require weeks or even months to transport crude oil around the world, refineries need time to process additional supplies, and fuel distribution networks cannot be replenished overnight. In addition, oil fields and production infrastructure that were shut down or damaged during the conflict may require many months to restore. In some cases, returning to full production could take up to a year.
For these reasons, fuel prices are unlikely to return quickly to pre-conflict levels. A sustained recovery in energy markets is expected to take several months, with some impacts potentially extending into next year.
CEMA also urged consumers to remain mindful of continued market volatility. History has shown that even during ceasefire periods, renewed tensions or uncertainty can trigger significant price swings in global oil markets.
Despite those challenges, the association remains optimistic that the agreement marks an important step toward greater stability and improved energy affordability for consumers.
“This is the most positive development energy markets have seen in months,” Herb added. “While we are not at the finish line yet, we are moving in the right direction. If peace holds and supplies continue to recover, consumers should see additional benefits over time.”
About CEMA
CEMA represents 600 local family-owned heating oil/Bioheat® fuel retailers. Our motor fuels members own, operate, and distribute gasoline to 1,000 locations throughout Connecticut.
And thanks to NBC Connecticut for covering the story and interviewing Chris Herb.
