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GasolineMarkets

Gasoline Rises on Renewed US-Iran Hostilities

US gasoline prices rose to around $3.37 per gallon, moving back toward a two-month high, as renewed tensions between Iran and the US revived concerns over energy supply disruptions. Iran fired ballistic missiles at US positions in the Middle East, escalating the conflict after a temporary lull, though the US Central Command reported that all projectiles were intercepted. The US also carried out operations alongside Saudi forces in Iraq against Iran-backed militant groups. Meanwhile, Iran rejected Oman’s proposal to share oversight of shipping lanes in the Strait of Hormuz, demanding control over the inbound route and a portion of outbound traffic. Outside the region, Russia eased gasoline purchase restrictions in several areas as supply conditions improved, but the extension of its export ban through year-end continued to limit relief for global gasoline availability. Elsewhere, industry data showed gasoline inventories rose by 918,000 barrels in the week ending July 24.

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