US Gasoline Futures Decline

US gasoline futures fell below $3.10 per gallon, halting recent gains, as markets assessed signals that the US may soon lift sanctions on Iranian oil at sea to ease price pressures. Treasury Secretary Scott Bessent noted the move could involve about 140 million barrels and help cap prices over the next 10–14 days. Meanwhile, President Donald Trump said the US has no plans to deploy ground troops, while Benjamin Netanyahu signaled Israel would refrain from additional strikes on Iranian energy facilities, easing concerns over further damage to infrastructure that could trigger deeper disruptions. Still, gasoline remained up more than 1% this week and has surged 30% so far this month, amid Strait of Hormuz traffic bottlenecks. Seasonal demand is also adding to the strain as spring travel picks up and refineries switch to costlier summer fuel blends.

US gasoline futures climbed above $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.

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.