Virginia consumers are breathing a small sigh of relief this week as gas prices took an 8-cent dip. The average price for a gallon of regular gas was $4.12 this week, compared with last week’s $4.20 cent average. An average 14 gallon fill up will run Virginians $57.68, or a $1.12 lower than last week.

Some of the lowest prices can be found in the Staunton-Waynesboro area, where a gallon of regular gasoline is averaging $3.94, according to AAA Fuel Prices.

Virginia’s numbers continue to be below the national average, which this week is $4.33. That’s a sizable difference of 21 cents. 

Diesel prices in Virginia remain relatively unchanged from last week at $6.20 per gallon on average. That’s a 3-cent decrease from last week’s $6.23 average.

The International Energy Agency warned this week that high diesel prices in the U.S. will most likely last through the end of 2027. Despite President Trump’s Russian diesel deal last week, bringing 300,000 metric tons of diesel to be released into the global market, the IEA noted it wouldn’t significantly affect prices. 

Brent crude oil jumped this week to $106 per barrel. That’s a $3 increase from last week’s $103 per barrel.

An attack and subsequent sinking of a Singapore-registered vessel in the Strait of Hormuz, along with continued threats against U.S. warships by Iran, have traders weighing the risks to supply risk in the Strait of Hormuz against falling global demand, according to Trading Economics.