The average price of gasoline in the United States has fallen to $3.99 per gallon for the first time since March, according to data from the American Automobile Association (AAA).

The decline follows improved market sentiment after the U.S.-Iran memorandum of understanding entered into force, accompanied by indications of the reopening of the Strait of Hormuz and the easing of restrictions on oil exports.

The drop reflects reduced concerns over global energy supplies after months of disruptions that had driven prices higher.