
US gasoline futures fell below $3.60 per gallon, extending their retreat from a near four-year high on hopes of de-escalation in the Middle East conflict. President Donald Trump said efforts to guide stranded vessels out of the Strait of Hormuz would be temporarily paused to allow space to finalize a settlement with Iran aimed at ending the war, though he maintained his blockade of Iranian ports. His remarks came after Secretary of State Marco Rubio said the ceasefire in the Middle East remains intact and that the initial major US military operation against Iran has concluded, further calming markets. Meanwhile, Iran denied carrying out attacks against the UAE and warned of a “decisive response” if Abu Dhabi launches strikes on its territory. On the fundamentals side, the EIA reported increased gasoline demand for the week ending April 24, alongside a decline inventories and slightly lower production.

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