Gasoline futures for delivery in the New York Harbor rose above $3.0 per gallon on Wednesday, their highest in four weeks, after breaches to the US-Iran ceasefire jeopardized the return of Middle Eastern energy supply. The US launched a wave of attacks on Iran after the IRGC hit tankers crossing the Strait of Hormuz. The US also stated it would block Iranian energy sales and President Trump stated he saw the ceasefire as done. Multiple oil and gas tankers turned back from crossing the Strait, risking a fresh halt to exports from the GCC shortly after crude oil feedstock prices had declined to pre-war levels. Still, tight refining capacity worldwide triggered a surge in crack spreads and gasoline futures were over 50% higher from late February. This was magnified by a preference for refineries to switch to distillates amid the shortage in jet fuel. On top of that, major Chinese refineries returned to energy markets after relying on stockpiles of crude oil since the outbreak of the war.

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