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The administration announced a potential deal to reopen the Strait of Hormuz to stabilize rising diesel prices.

The administration announced that the U.S. and Iran are nearing a deal to reopen the Strait of Hormuz, a move expected to could lower crude oil prices and stabilize diesel costs. While the national average price for a gallon of diesel rose to $5.348, the administration noted that the reopening of the strait is a key factor in easing market volatility. However, the deal remains contingent on the U.S. lifting its blockade on Iranian ports. While the administration expressed optimism, Tehran has denied being close to a final agreement. Despite these geopolitical shifts, California's high fuel prices continue to impact the national supply chain, as nearly one-third of containership imports and exports pass through the San Pedro Bay port complex. Experts suggest that while the administration's call for oil companies to lower retail prices may provide some relief, the final cost at the pump is often determined by independent retailers rather than just the wholesale producers.

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