Gasoline Remains Near 7-Week High

US gasoline prices held above $3.20 per gallon, remaining near its highest level since late May, supported by growing concerns over global supply disruptions. US forces carried out new strikes against Iranian targets and reinstated a naval blockade on Iranian shipping in the Strait of Hormuz. President Donald Trump threatened additional attacks if Tehran does not return to negotiations, while also stepping back from a proposed 20% fee on shipments passing through the waterway. The developments further amplified supply concerns from ongoing disruptions to Russian refining capacity. Data from Energy Aspects showed Russian gasoline production falling to around 65% of seasonal consumption levels after Ukrainian drone attacks disrupted operations at major gasoline refineries, including NORSI and Omsk. Meanwhile, industry data showed US gasoline inventories declined by 1.664 million barrels in the week ending July 10.


