
US gasoline futures traded below $3.0 per gallon in early August, holding near a three-week low as markets remained focused on developments in the Strait of Hormuz. President Donald Trump said his latest offer of talks was Tehran’s “last chance” and reiterated his confidence that the key shipping route would fully reopen. While Iran denied holding direct talks with the US, it said negotiations with Oman to increase traffic through the strait were making progress. Meanwhile, Gulf producers continued to develop alternative export routes, with Turkey and Iraq renewing a pipeline agreement, while Kazakhstan restored its crude flows through the Caspian Pipeline Consortium after a temporary disruption. In Russia, the government extended its diesel and gasoline export ban through January 2027 as fuel shortages persisted amid continued Ukrainian strikes on major oil refineries.





