US gasoline futures continued their rally, rising more than 4% to around $2.9 per gallon, approaching the four-year high reached earlier this week, as markets remained focused on developments in the Iran war. Iran has told regional mediators it will only consider a ceasefire if the US guarantees that neither Washington nor Israel will strike it again, a condition the US is unlikely to accept, dimming prospects for a near-term resolution. The conflict has caused major disruptions to global oil supplies, with the Strait of Hormuz largely inaccessible. Gulf producers have already cut output by roughly 6%, with further reductions possible. This has overshadowed global efforts to ease surging crude and fuel prices, with the International Energy Agency launching a coordinated release of 400 million barrels from emergency reserves, the largest drawdown on record, including 172 million barrels from the US and 80 million barrels from Japan.
