US gasoline futures rose more than 3% to around $3.10 per gallon on Tuesday, trimming the previous session’s slump as crude prices climbed after an Iranian lawmaker dismissed prospects for talks with the US. Ali Nikzad, Iran’s deputy parliament speaker, said the Strait of Hormuz would not return to normal and ruled out negotiations with Washington, after Donald Trump on Monday delayed a threatened strike on Iran’s energy infrastructure for five days, citing ongoing talks. At the same time, Israel continued its attacks, while reports indicated that US allies in the Gulf are moving closer to joining the conflict, with Mohammed bin Salman nearing a decision to participate in the strikes. Gasoline futures are now up more than 30% this month, after recently hitting their highest level since July 2022, supported by supply disruptions in the Strait and the seasonal shift to more expensive summer fuel blends.
