US Gasoline Futures Surged to 10-Month High

2026-03-06 11:48 By Agna Gabriel 1 min. read

US gasoline futures topped $2.70 per gallon, the highest since April 2024, as escalating conflict in the Middle East threatens global energy flows.

Prices have jumped about 18% this week, marking the strongest weekly rally since 2022.

The disruption centers on shipping routes like the Strait of Hormuz, a crucial corridor for crude oil exports.

With supplies constrained, Asian refiners are struggling to secure crude and may cut fuel production.

Meanwhile, China has ordered major refiners to halt exports of diesel and gasoline to preserve domestic supply.

The Donald Trump administration is trying to limit price pressure by easing restrictions on India’s purchases of Russian oil from Russia.

At the same time, Saad al-Kaabi, energy minister of Qatar, warned that exporters in the Persian Gulf could halt shipments if the conflict continues.

Meanwhile, the latest EIA data showed US gasoline stocks fell 1.7 million barrels, the third consecutive week of drawdowns.



News Stream
Gasoline Hits April 2024 Highs
Gasoline futures surged past $2.7 per gallon, the highest since April 2024 as an escalating Middle East conflict and President Trump’s rigid demand for unconditional Iranian surrender signaled that no near-term de-escalation is likely to ease global supply constraints. This near 20% weekly rally is the strongest since 2022 as markets respond to potential production halts by Persian Gulf exporters and the disruption of vital shipping routes through the Strait of Hormuz. With EIA data confirming a third consecutive weekly drawdown of 1.7 million barrels in US gasoline stocks the physical tightness is compounded by China ordering major refiners to prioritize domestic supply. While the US administration is granting waivers for Indian purchases of Russian crude to offset deficits the market remains fixated on the risk of a shipping corridor shutdown.
2026-03-06
US Gasoline Futures Surged to 10-Month High
US gasoline futures topped $2.70 per gallon, the highest since April 2024, as escalating conflict in the Middle East threatens global energy flows. Prices have jumped about 18% this week, marking the strongest weekly rally since 2022. The disruption centers on shipping routes like the Strait of Hormuz, a crucial corridor for crude oil exports. With supplies constrained, Asian refiners are struggling to secure crude and may cut fuel production. Meanwhile, China has ordered major refiners to halt exports of diesel and gasoline to preserve domestic supply. The Donald Trump administration is trying to limit price pressure by easing restrictions on India’s purchases of Russian oil from Russia. At the same time, Saad al-Kaabi, energy minister of Qatar, warned that exporters in the Persian Gulf could halt shipments if the conflict continues. Meanwhile, the latest EIA data showed US gasoline stocks fell 1.7 million barrels, the third consecutive week of drawdowns.
2026-03-06
Gasoline Futures Halts Rally
Gasoline prices slipped to around $2.63 per gallon, halting its recent bullish run after President Donald Trump announced imminent steps to ease soaring energy costs. Measures under consideration include releasing crude from US reserves, relaxing fuel-blending requirements, and allowing the Treasury to trade oil futures. Despite the drop, gasoline remains on track for a more than 14% weekly gain, the largest since February 2023, as Middle East tensions disrupted global energy traffic by largely closing the Strait of Hormuz. The US-Israeli conflict with Iran showed no signs of abating, with Tehran striking a Bahrain oil facility with missiles and drones, while US and Israeli forces carried out strikes in Iran and across the region. Elsewhere, EIA data earlier this week showed US gasoline stocks fell 1.7 million barrels, exceeding the expected 0.8 million-barrel decline and marking the third consecutive week of drawdowns.
2026-03-06