How soon will Bay Area gas prices drop with Strait of Hormuz reopening? Here's what experts say

SAN JOSE, Calif. (KGO) -- Iran announced it would fully reopen the Strait of Hormuz on Friday, and it has led to dips in the price of oil -- more than 8% overall.

They have edged down in the Bay Area, with most of us seeing prices under $6 a gallon, except in Sonoma County.

Still, while standing on a street corner in South San Jose, there were three gas stations where you can fill your tank, but only one where gas is less than $6 a gallon -- by just one cent.

The previous closure of the Strait of Hormuz choked the world's gas supply and inflated prices.

"It's a lot. It's kind of outrageous," Serena Ayala said. "(It costs) $40 to fill my gas tank, now twice a week. Before it was just once a week and just $30 a week. But it's still a lot."

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Thankfully, the pain at the pump may soon subside after Iran announced the Strait is back open along predetermined routes through the current two-week ceasefire.

Stocks soared and oil prices plummeted.

U.S. oil is now at its lowest price since the earliest days of the war. National Petroleum CEO Sanjiv Patel says some stations have dipped 20 to 30 cents.

"Normalcy probably will take two, three months, I would say," Patel said. "It's the rocket and feather effects. So while going up, it shoots up and then coming down, it takes little time by the time it passes through the whole supply chain."

Patel says there are other impacts too, as oil dictates the cost of everything from groceries to deliveries and, of course, travel.

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Jet fuel prices, for example, have doubled since the start of the Iran war. Air Canada is limiting service from Toronto and Montreal because it's just not profitable for airlines to keep the same amount of planes in the air.

Santa Clara University Professor of Business and Analytics Andy Tsay says you can assume, with how long the supply chain was impacted, it will take at least that much time to see an economic bounce back.

"And that's before you bake in the fact that people might not be so confident and might proceed gingerly ,because there's still some uncertainty. Things could fall apart at any moment," Tsay said. "The news may have been good, but the uncertainty still lingers."

President Donald Trump says he expects the U.S. and Iran to secure a peace deal in the next day or two, hopefully allowing everything to slowly return to normal.