Gas prices in the GTA could drop by 11 to 12 cents by Friday amid the apparent ceasefire between the U.S. and Iran.The two-week ceasefire was subject to Iran reopening the Strait of Hormuz where a fifth of the world’s oil is transported during peacetime.Iran originally reopened the strait, but closed the waterway on Wednesday in response to Israeli attacks against the Hezbollah militant group in LebanonThe country’s stranglehold on the strait, the waterway leading out of the Persian Gulf, has driven up global oil prices, as have Tehran’s attacks on regional energy infrastructure.The price of gas in the GTA is currently sitting at 188.9 cents/litre but is expected to drop two cents on Thursday to 186.9 cents/litre.Roger McKnight, chief petroleum analyst with En-Pro, says the ceasefire crashed crude prices by $18 a barrel, which would drive gas pump prices down.“How low and how long the lower prices will go will depend on the strength of the ceasefire agreement. If the agreement becomes just another disagreement then prices will bounce back up again and rapidly,” said McKnight. He added that he has little to no confidence this war will pause for any appreciable period of time so the low prices likely won’t last long.The price of gas has jumped by over 50 cents in the GTA since the United States and Israel launched missile attacks against Iran on Feb. 28. Click here to see the latest gas prices.With files from the Associated Press