
Gasoline futures for delivery in New York Harbor hovered near $3.60 per gallon on Monday, close to a four-year high, as markets continued to assess developments in the Middle East. President Trump said the US could help escort neutral vessels through the Strait of Hormuz, aiming to allow ships stranded by the conflict with Iran to transit safely. However, a UK maritime agency reported that a tanker was struck by projectiles near Fujairah, underscoring the danger for regional shipping. Gasoline prices have risen about 13% in April as prolonged US–Iran tensions have sharply tightened feedstock supply for refiners. Since the blockade of Hormuz in early March, around 20 million barrels per day of oil and refined products bound for major importers have been disrupted. Shortages of jet fuel and diesel in Europe and Asia have also pushed refiners to prioritize distillates over gasoline, further constraining supply. Meanwhile, OPEC+ agreed to raise output by 188,000 barrels per day in June.
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