Gas prices sink for sixth week in a row down 14% from May peak amid US-Iran talks

US gasoline prices sank for the sixth consecutive week, down 14% from their peak in May, after President Trump signed a tentative peace deal with Iran – even as negotiations over a nuclear agreement remained heated. National average gasoline prices hit $3.93 a gallon Tuesday, according to AAA – down 11 cents over the past week, and a far drop from their peak of $4.56 in May.Prices plunged in most states, including New York and New Jersey, which each saw gasoline fall 12 cents over the past week – hitting $4.22 and $3.96 a gallon, respectively, according to AAA.Oil benchmarks have also fallen below the $80 mark – far below highs of $126 a barrel during the war.Lower gasoline prices could help the GOP hold onto narrow majorities in midterm elections, as Americans have repeatedly cited affordability issues as a top concern.They could also help ease inflation, which shot above 4% for the first time in three years due to surging energy prices.But analysts have warned it will likely take months before gasoline prices fully drop below $3 a gallon – and prices could easily reverse course if fighting resumes.After Trump last week signed a memorandum of understanding with Iran, some crude oil tankers have been able to transit the Strait of Hormuz – though Tehran said over the weekend that it had blockaded the crucial waterway again.As part of the memorandum, which gives the two nations 60 days to reach a final deal including nuclear agreements, Washington formally waived oil sanctions on Tehran for two months – opening the door for Iran to rake in as much as $10 billion in revenue.Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.

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Never miss a story.Meanwhile, as The Post earlier reported, Iran is angling for all commercial shipping vessels to register with a newly-formed Iran...