Gasoline Surges Toward Near 4-Year High

2026-03-11 15:09 By Andre Joaquim 1 min. read

Gasoline futures for delivery at the New York Harbor rose past $2.7 per gallon, resuming their rally to the near four-year high of $2.95 touched on March 9th as the war in the Persian Gulf continued to halt supply from the area.

Iran aggravated the magnitude of strikes against GCC members and Israel while US forces continued to target Iran, dimming expectations that the conflict was near its end as signaled by US President Trump.

Strikes and threats of attacks drove Saudi Arabia, the UAE, Qatar, and Bahrain to shut down operations in key refineries, triggering a surge in crack spreads across the globe.

Additionally, exports of crude and product from the Persian Gulf was halted as tankers refrained from risking the passage in the Strait of Hormuz.

The surge in prices was limited by IEA members coordinating a 400 million barrel release from strategic stockpiles, while US stocks fell by over three million barrels last week, the sharpest withdrawal since October of last year.



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