Yesterday, there was a news story saying that gas might soon dip below $4/gallon just because the strait was momentarily open again. Even if the strait had remained open for more than 24 hours, it is still going to take a month for the oil tankers in waiting to transit across the ocean. Months to refill reservoirs. Energy companies are not going to drop prices at a moments notice.

Which is of course discounting the political realities of the situation: Iran is in a fight for its life. Iran knows they need to stand firm or they will lose all autonomy and invite a future attack from Israel.