AXIOS (Ben Geman) - Gas prices won't return to pre-war levels any time soon
If a U.S.-Iran peace deal actually happens this time — and that's still a big if— consumers have a long road ahead before filling up returns all the way to the good old days of early 2026. Why it matters: Even if the Strait of Hormuz opened right away, pump prices will likely remain higher — maybe a lot higher — than pre-war levels at least through the midterm elections. - U.S. retail prices are tethered to global oil markets that will be in turmoil for a while. - The average U.S. price for regular gasoline was $4.54 per gallon on Wednesday, compared to just under $3 pre-war, per AAA data. What we're watching: Some price relief would come within days of the Strait of Hormuz truly reopening, per Patrick De Haan of the market data…