But on Tuesday night, after President Trump's announcement of a ceasefire based on the promise that oil tankers will no longer be in a chokehold, the markets responded immediately and positively.
The price of crude oil has plunged from $117 a barrel earlier in the day to below $95.
Some drivers from California were happy to pay more than $4 a gallon at the gas station in NewYork. They said they pay almost twice as much back home.
"We're here on vacation. So $4 is actually very cheap," a California resident said.
However, New Yorkers are not so pumped about the price at the pumps.
"Right now I'm paying $4.25 a gallon. It's kind of crazy. A couple of months back, it was under $3. Like 280. Yeah, $2.80. It was way better," Mohammed Halin said.
This is a welcome relief for consumers who have been hit with rising prices from basic groceries to air travel. Several airlines are announcing extra fees for checked luggage.
Even Amazon is charging a 3 and a half percent shipping surcharge for businesses whose products they deliver.
If the ceasefire holds, if Iran does open the Strait of Hormuz, will consumers feel immediate relief?
A deliveryman says the cost of filling his bike has doubled.
"Before I put $3. I work one day now is five, $6," he said.
If history plays out, even if oil is trading at a much lower price, there is usually a delay before consumers get a break at the gas station.