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US gasoline prices slid to around $3.28 per gallon on Monday, retreating from a two-month high as reports of a pause in hostilities between Iran and the US offered some respite from supply concerns. Washington has paused its bombing campaign since late Friday after nearly two weeks of strikes. A senior Iranian official said Tehran would halt attacks if the US also refrains from further strikes, adding that the message had already been conveyed to Washington. The lull in hostilities coincided with Omani-mediated talks in Tehran on a provisional arrangement to manage shipping through the Strait of Hormuz, a move that could reduce the risk of oil supply disruptions. Meanwhile, Ukraine shifted its focus from Russian oil refineries to maritime targets, though supply concerns persisted after earlier attacks damaged 24 of Russia’s 34 largest refineries.
