US Gasoline Rises to Fresh 2022 High

2026-03-23 03:37 By Kyrie Dichosa 1 min. read

US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, following threats to Middle Eastern energy facilities that could further disrupt supply.

President Trump gave Iran 48 hours to fully reopen the Strait of Hormuz or face US strikes on its power infrastructure, while Iran threatened retaliation against key energy plants if Washington acted.

Last week, both sides launched a wave of attacks targeting energy infrastructure.

Meanwhile, IEA Chief Fatih Birol said he is consulting with governments worldwide and that additional oil stock releases could be considered if needed.

This follows a recent major release of emergency stockpiles, while Washington has temporarily lifted sanctions on Iranian oil at sea to ease the supply crunch.

With the conflict showing no signs of abating and the closure of the strategic chokepoint, gasoline prices have surged more than 90% so far this year.



News Stream
Gasoline Prices Hold Steady
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US gasoline futures fell to around $3.0 per gallon, close to a seven-week low, as markets assessed the likelihood of a viable diplomatic resolution in the Middle East. President Trump described ceasefire talks as being in the “final” stages and was reportedly hesitant to escalate into a full-scale war with Iran despite recent clashes. This contrasted with Iran’s foreign minister, who earlier said negotiations had stalled. Adding to uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon. Restrictions on tanker traffic through the Strait of Hormuz remained, a key chokepoint accounting for about one-fifth of global oil consumption. Meanwhile, US gasoline inventories rose by more than 3 million barrels in the final week of May, ending a 15-week streak of declines. However, draws of around 8 million barrels each from private crude stocks and the SPR tempered the overall improvement in refined product supply.
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