
Gasoline futures in the US traded above $3.10 per gallon, holding a two-day gain, as renewed clashes in the Middle East undermined expectations for progress in US–Iran negotiations. Both sides reportedly exchanged fresh strikes, despite President Donald Trump stating that talks with Iran were still ongoing toward a possible peace deal, contradicting Iranian media reports that communications had broken down. The mix of conflicting signals and continued hostilities has kept markets uneasy, fueling heightened volatility across energy commodities. Supporting prices further, industry data showed that gasoline inventories rose by 3.5 million barrels in the final week of May after falling by 3.2 million barrels a week earlier, as refineries ran at elevated utilization levels, processing crude from strategic reserves, with some output capacity redirected toward diesel and jet fuel production to ease supply pressures.
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