
US gasoline futures fell toward $3.0 per gallon in early August, declining for the third consecutive session to a three-week low after President Donald Trump canceled a planned attack on Iran, easing some concerns over supply disruptions in the region. Trump said Saudi Arabia and other key Middle Eastern allies had urged him to suspend the planned strikes in favor of renewed negotiations, while reiterating his call for the swift reopening of the Strait of Hormuz. Meanwhile, Gulf producers continued seeking alternative export routes, with Turkey and Iraq extending a pipeline agreement, while Iran said talks with Oman on a new route through the Strait of Hormuz were in their final stages. 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.





