A funny thing happened to gasoline prices over the Memorial Day Weekend.

They fell.

Not a lot, admittedly, maybe 2 cents a gallon over the long weekend.

That’s a little relief for those who saw it. AAA says gas prices were up in California and Washington State and down everywhere else. GasBuddy data suggests prices were flat to lower in California and Washington.

The national averages were $4.503 a gallon for AAA and $4.452 a gallon for GasBuddy.

Gas prices typically rise during the work week, and data from AAA suggests prices dip on weekends because wholesalers aren’t working.

Gas prices and the new peace bid

Did the price dips have anything to do with President Trump’s post on May 23 saying a deal with Iran to try to end the war was close?

Maybe a little.

The deal being talked about included reopening the Strait of Hormuz, through which some 20% of global crude oil passes, and a 60-day cease-fire.

One might see more price declines this week because futures trading on Monday saw the price for Brent crude, the global benchmark, settle down 6.8% to $93.42 per 42-gallon barrel.

Ships at anchor near the Strait of Hormuz

Photo by Majid Saeedi / Getty Images)

Trading in light sweet crude, the U.S. benchmark, was down $6.02, or 6.2%, to $90.58 in trades made outside the United States. U.S. financial markets were closed May 25 for Memorial Day.

Assuming the good vibes coming out of the White House continue, one should see some relief at the gas pump.

In the meantime, there is some traffic — but not a lot — going through the Strait. Many shippers worry about attacks on their ships and don’t want to pay Iran up to $2 million to get through the strait. Once considered mere tolls, the Iranians now refer to them as navigation services.

The plan has skeptics

But there is much that is unknown about how close Iran and the United States really are to a deal.

Late on May 25, The Wall Street Journal was reporting talks were already bogged down over how Iran’s nuclear assets will be dealt with.

A second issue: Will Iran get relief from sanctions imposed on the country? Also, it is not clear if freezes on billions of dollars of assets held overseas will be lifted.

The plan reportedly being considered would restore full access to the Strait of Hormuz in 30 days after any deal to end hostilities between the two countries. There would be a second 30-day period for negotiating a settlement with Iran over its nuclear program.

Trump also was calling on Middle East governments to join the Abraham Accords and recognize Israel. Bahrain, Morocco, Sudan and the United Arab Emirates already have signed the accords.

Israel is reportedly unhappy on the direction of the talks, and GOP senators were already criticizing it.

There was also skepticism that many Middle East governments would join the Abraham Accords, especially after Israeli attacks in Gaza and Lebanon. Iran officially still wants to eradicate Israel and replace it with a Palestinian state.