US Gasoline Futures Extend Gains to $3.2

2026-03-18 13:47 By Agna Gabriel 1 min. read

US gasoline futures rose toward $3.20 per gallon, the highest since July 2022, driven by stronger spring demand and higher crude prices amid the ongoing Iran conflict.

Brent surged to $108 after Iran reported attacks on some of its energy facilities and threatened retaliation against oil and gas sites in neighboring countries.

The strikes represent a further escalation in a conflict that has disrupted global oil supplies, with traffic through the Strait of Hormuz, which carries about a fifth of the world’s oil and LNG, all but halted.

The supply squeeze has pushed US pump prices to multi-year highs and fueled inflation concerns.

Seasonal factors are also adding pressure as demand rises during spring travel and refineries switch to more expensive summer fuel blends.

To ease supply strains, the US plans to release 172 million barrels from reserves as part of a wider global effort, though sustained high prices could weigh on consumer sentiment and the political outlook.



News Stream
US Gasoline Resumes Rally
US gasoline futures climbed toward $3.20 per gallon, resuming their rally after a brief pause in the previous session, as strikes on key Middle Eastern energy sites raised concerns over worsening supply disruptions. Iran targeted a major LNG export hub in Qatar, part of a broader campaign against regional energy infrastructure in response to attacks on its large South Pars gas field. The strikes mark a sharp escalation and further amplified fears of prolonged disruptions, with traffic through the Strait of Hormuz, which handles roughly 20% of the world’s oil and LNG, remaining stalled. Seasonal demand pressures are adding to the strain as spring travel picks up and refineries switch to more expensive summer fuel blends. To ease supply bottlenecks, the US is issuing a 60-day Jones Act waiver and releasing 172 million barrels from strategic reserves as part of a coordinated international effort.
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Gasoline Turns Negative
US gasoline futures fell past $3.1 per gallon on Wednesday as a strategic 60-day waiver of the Jones Act and a massive 172 million-barrel reserve release provided a late-session buffer against escalating Middle Eastern supply risks. This downward correction follows President Trump’s decision to temporarily suspend the 1920 shipping law to allow international tankers to move fuel, natural gas, and fertilizer freely between domestic ports to stabilize the internal market. Industry analysts note that while the waiver eases transport bottlenecks, US refineries still face a structural mismatch as they are optimized for the heavy Middle Eastern crude currently blocked by the conflict. Despite the seasonal transition to more expensive summer blends and a 6.16 million-barrel build in crude stocks, the aggressive federal intervention to secure critical supply chains has neutralized the immediate impact of retaliatory threats from Tehran.
2026-03-18
US Gasoline Futures Extend Gains to $3.2
US gasoline futures rose toward $3.20 per gallon, the highest since July 2022, driven by stronger spring demand and higher crude prices amid the ongoing Iran conflict. Brent surged to $108 after Iran reported attacks on some of its energy facilities and threatened retaliation against oil and gas sites in neighboring countries. The strikes represent a further escalation in a conflict that has disrupted global oil supplies, with traffic through the Strait of Hormuz, which carries about a fifth of the world’s oil and LNG, all but halted. The supply squeeze has pushed US pump prices to multi-year highs and fueled inflation concerns. Seasonal factors are also adding pressure as demand rises during spring travel and refineries switch to more expensive summer fuel blends. To ease supply strains, the US plans to release 172 million barrels from reserves as part of a wider global effort, though sustained high prices could weigh on consumer sentiment and the political outlook.
2026-03-18