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GasolineMarkets

Gasoline Holds Near Two-Week High

US gasoline futures held around $3.18 per gallon, near a more than two-week high, as crude shipments through the Strait of Hormuz slowed while US-Iran negotiations stalled. Prospects for a peace deal remain limited after President Trump signaled plans to increase economic pressure on Tehran, while Treasury Secretary Scott Bessent said new sanctions could be announced this week. Meanwhile, more vessels came under attack in the key waterway late last week, including ships linked to Abu Dhabi National Oil Co. Despite the disruptions, Middle Eastern producers continue to transport substantial volumes of crude through the Persian Gulf. Elsewhere, repeated Ukrainian strikes on Russian oil refineries have disrupted fuel supplies, prompting gasoline rationing in at least two regions and restrictions on refined-product exports. Russia has since extended its existing diesel export ban until January 2027, maintaining restrictions on global middle-distillate supplies.

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