Crude oil prices sank to their lowest levels since at least March, and gasoline prices are expected to start dipping within a week or two, following President Trump’s announcement of an agreement with Iran to reopen the Strait of Hormuz.

Brent crude oil prices dropped 4.8% Monday to settle at $83.17 a barrel, while West Texas Intermediate crude plunged nearly 5% to $80.75 a barrel. US oil had briefly dropped below the $80 mark for the first time since March in early trading.

Though still higher than pre-war prices, the crude benchmarks fell to three-month lows after earlier hitting as high as $126 a barrel during the Middle East conflict.

Currently, prices at the gas pump are hovering around $4.06 per gallon, according to the latest data from the American Automobile Association.”If the peace holds, expect gas prices to begin dropping over the next one to two weeks in response to the decrease in crude oil prices,” Matthew Reisener, a senior national security analyst at the Center for Maritime Strategy, told The Post.

“However, it will likely take several months for gas prices to reach their pre-war levels,” Reisener added. “The uptick in oil tankers transiting the Strait in the coming weeks will increase the global crude oil supply and lower prices, but it will take some time for maritime traffic to fully resume, and many Gulf states suffered significant damage to their oil and gas infrastructure during the war, which will take time to repair.” (Read more from “Oil Prices Sink to Lowest Levels in Months after Trump Touts Iran Deal to Reopen Strait of Hormuz — Here’s When Gas Prices Could Drop” HERE)