U.S gasoline futures eased to around $3.20 per gallon on Monday, as traders balanced reports of renewed Middle East ceasefire efforts against a fresh ultimatum from President Donald Trump on Iran. The US, Iran, and regional mediators were said to be discussing a potential 45-day truce, though prospects for even a partial deal within the next 48 hours remained slim. Simultaneously, Iran said Iraq would be exempt from Strait restrictions, potentially supporting oil flows, with SOMO confirming that Iraqi cargoes can be loaded without limits. Meanwhile, President Trump warned on social media of severe consequences if Iran fails to reopen the passage by Tuesday, including possible strikes on key infrastructure such as power plants and bridges. Elsewhere, OPEC+ agreed to raise output by 206,000 bpd in May, although closed Strait routes and damaged infrastructure may constrain how much supply reaches global markets.

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