The average price of gas in the United States was finally lower than the previous day for the first time in March on Thursday (March 26).

The average regular price of gas is reported to be $3.981, which is slightly lower than the $3.983 average one day prior, according to the American Automobile Association. Gas prices were reported to have seen an increase from the previous day throughout the month of March amid the ongoing war in Iran.

The $3.983 average reported on Thursday is still higher than the $3.884 average one week ago; the $2.983 average one month ago; and the $3.150 average one year ago. Brent crude oil, the international benchmark, is reported to be trading around $103 to $107 per barrel, while U.S. West Texas is reported to be between $88 and $94 per barrel, with both shifting based on developments in the Middle East.

The closure of the Strait of Hormuz, which serves as a vital waterway for trade along the Persian Gulf, has led to a spike in gas prices. Alireza Tangsiri, the Islamic Revolutionary Guard Corps navy commander who authorized the closure, was killed in an airstrike launched by Israel on Thursday (March 26), Israel's defense minister Israel Katz confirmed via the New York Post.

Tangsiri, 64, was eliminated during a strike on the Iranian port city of Bandar Abbas, which is located on the strait, and is the latest high-profile Iranian official to have been killed following the assassinations of IRGC spokesperson Ali Mohammad Naini, de factor leader Ali Larijani and anti-protest enforcer Gholamreza Soleimani.

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