
US gasoline prices rose above $3.40 per gallon, a two-month high, amid growing concerns over tighter fuel supplies. The US continued strikes on Iranian targets for an 11th consecutive night, while Yemen’s Iran-aligned Houthis threatened Saudi oil vessels in the Bab el-Mandeb Strait and announced a blockade of Saudi Arabia. President Donald Trump also ruled out near-term talks with Iran and warned of broader strikes. Outside the Middle East, supply risks emerged in the Black Sea after attacks targeted the Caspian Pipeline Consortium terminal, a key route for Kazakhstan’s crude exports. Meanwhile, Ukrainian strikes on Russian energy facilities continued to disrupt refinery operations, while stronger diesel and jet fuel margins encouraged refiners to reduce gasoline output. Against this backdrop, industry data showed gasoline inventories fell by 1.379 million barrels in the week ending July 17. At the pump, average US gasoline prices climbed back above $4 per gallon.





