US gasoline futures fell below $3.1 per gallon but remained on track for a monthly gain of over 30%, the largest since May 2020, as markets continued to monitor developments in the Middle East. President Donald Trump said he would postpone action on Iran’s energy sector, noting that Iran had requested seven days but he granted ten, moving the deadline to April 6. Analysts said the extended ceasefire eases short-term pressure, but with 8 million barrels per day offline and Persian Gulf flows still at risk, the geopolitical premium is likely to remain significant. Seasonal demand pressures are also rising as spring travel picks up and refineries switch to costlier summer fuel blends. Earlier this week, EIA data showed US gasoline inventories fell by 2.6 million barrels, exceeding expectations of a 2.1 million-barrel draw.
