US Gasoline Futures Bounce Back to 5-Month High

US gasoline futures rebounded above $2.02 per gallon, the highest level in five months, following gains in oil after Iranian state media said Tehran would not allow enriched uranium to leave the country. The remarks signaled persistent strains in ongoing US-Iran nuclear talks in Geneva, heightening fears that a breakdown could disrupt supplies from the OPEC producer. The negotiations are in their third round, just days before President Donald Trump’s deadline for a deal. Earlier, Omani mediators described the discussions as constructive. Also, the latest EIA data showed US gasoline inventories fell by 1 million barrels to 254.8 million in the week ended February 20, exceeding expectations for a 560,000-barrel draw.

Gasoline increased to 2.03 USD/Gal, the highest since September 2025. Over the past 4 weeks, Gasoline gained 8.44%, and in the last 12 months, it decreased 9.77%.

US gasoline futures fell below $2 per gallon, moving away from a five-month high of $2.01 hit on February 19, as traders awaited developments from nuclear talks between the US and Iran, which are set for a third round on Thursday in Geneva. A Hezbollah official said the group would not intervene in limited US strikes on Iran, and Donald Trump said he favors a diplomatic solution but warned of consequences if no deal is reached, keeping markets cautious given the Strait of Hormuz’s role as a key route for nearly a third of global tanker traffic. Meanwhile, Ukrainian strikes on Russian refineries forced Russian companies to export crude rather than gasoline. The latest EIA data showed US gasoline stocks fell by 1 million barrel to 254.8 million in the week ended February 20, above market expectations for a 560 thousand barrel draw.