
US gasoline prices traded around $3.38 per gallon, remaining near the highest level in two months, as markets weighed renewed diplomatic efforts between the US and Iran against escalating military exchanges. Iran said it had received a 10-day ceasefire proposal from mediators aimed at preserving the interim agreement and advancing a lasting peace deal. The diplomatic push followed another night of US strikes on Iranian cities and Iranian attacks on US military assets across the region. Amid the tensions, shipping activity through the Strait of Hormuz came close to a standstill. Adding to supply concerns, Yemen’s Houthi militants threatened to blockade shipping to and from Saudi Arabia through the Red Sea. Meanwhile, Ukrainian attacks on Russian energy infrastructure continued to disrupt refinery operations, while stronger diesel and jet fuel margins prompted refiners to curb gasoline output. At the pump, average US gasoline prices climbed back above $4 per gallon.





