The US and Iran restart negotiations. International oil prices fell over 6% at one point. The decline in US oil prices depends on the reopening of the Strait of Hormuz.

On Monday morning, the US government and Iran began negotiations to restart shipping in the Strait of Hormuz and end the conflict in the Middle East, causing international oil prices to fall. As of Monday morning, North American benchmark West Texas Intermediate crude oil futures fell over 6.1% to $90.68 per barrel, while global benchmark Brent crude oil futures also fell 6.1% to $97.22 per barrel. The drop in oil prices led to a slight decrease in US retail gasoline prices. According to data from the American Automobile Association, the average price of regular gasoline on Monday was over $4.5 per gallon, a decrease of less than 1 cent from Sunday and a week ago. Despite high oil prices, the organization estimated last week that the number of self-driving travelers over the Memorial Day weekend would exceed 39 million, setting a new record. American Automobile Association spokesperson Tiffany Wright said, "Travel volumes are at a record high, but the year-over-year growth rate is the lowest in over a decade. Despite strong travel demand, high oil prices and ongoing inflation may prompt people to shorten their trips, postpone travel plans, or choose short-distance trips." President Trump stated on Monday that US-Iran negotiations will either result in a substantive agreement or end without a resolution. Gas Buddy's head of petroleum analysis, Patrick De Haan, wrote on social media on Sunday that until a formal agreement is signed and a large number of ships resume navigation, the average gasoline price in the US is likely to remain above $4 per gallon.