U.S gasoline futures rose to $3.06 per gallon on Tuesday, resuming their rally to hover at their highest level since July 2022, as investors remained focused on developments in the Middle East. Prices had fallen more than 1% on Monday amid hopes that more tankers might be able to pass through the Strait of Hormuz, while signals that rich countries could release additional stockpiles also helped improve sentiment. Although traffic through the strait remains near a standstill due to the ongoing conflict, several tankers have safely navigated the route over the weekend. Treasury Secretary Scott Bessent said that the US is allowing Iranian oil tankers to transit the waterway, while President Trump renewed his call for other nations to ensure the safe passage of tankers through the strait. Meanwhile, the US is preparing to release the first tranche of crude from its emergency reserves, and the IEA indicated that more stockpiles could be made available if necessary.
