Crude oil futures are settling down 3.92% at $70.34, extending the recent slide in prices. During the session, crude fell below the $70.00 level for the first time since the start of the Iran war, reaching a low of $69.63.

For perspective:

The gap low from March 2, following the weekend start of the war, came in at $69.20.
The closing price on Friday, February 27, the last trading day before the conflict began, was $67.28.
The closing price at the end of 2025 was $57.40.

At the pump, however, consumers have yet to see the full benefit of the decline in crude prices. According to AAA, the national average price for a gallon of gasoline remains at $3.92, unchanged on the day. On February 27, the day before the war began, the average price was $2.98 per gallon.

From a technical standpoint, crude oil closed below its 200-day moving average yesterday for the first time since late January. The 200-day moving average currently sits at $73.72. As long as prices remain below that key level, the bears remain firmly in control, keeping the technical bias tilted to the downside and opening the door for a move toward the March gap low at $69.20 and potentially the pre-war closing level at $67.28.