U.S. gasoline futures surged over 4% to above $3.20 per gallon on Thursday, ending a two-day decline and following gains in crude prices, after President Trump signaled that the US could take military action against Iran in the coming weeks. In his rare prime-time address, Trump offered no timeline for resolving the Middle East conflict, saying the US had nearly achieved its strategic objectives in Iran but warning that military operations could intensify over the next two to three weeks.
However, he also noted that the conflict is unlikely to be prolonged and emphasized that negotiations with Tehran are ongoing, leaving room for a diplomatic solution. Meanwhile, Iran rejected Trump’s claim that it had sought a ceasefire, asserting that the Strait of Hormuz would remain closed and that the vital transit route is firmly under IRGC Navy control. Elsewhere, US gasoline inventories fell by 0.6 million barrels last week, compared with analysts’ expectations for a 1.9 million-barrel draw.
