Gasoline Extends Momentum

2026-03-30 16:33 By Felipe Alarcon 1 min. read

US gasoline futures rose above $3.35 per gallon, hitting their highest level since July 2022 as the effective closure of the Strait of Hormuz continues to choke global supply and drive a record 30% monthly gain.

This price surge is underpinned by the physical disruption of critical energy corridors where Houthi involvement in Yemen has introduced fresh risks to Red Sea transit and Yanbu shipments.

While President Trump hinted at serious discussions to end the five-week conflict his concurrent ultimatum to obliterate Iranian power plants and the Kharg Island export hub if the waterway remains blocked has reinforced a massive geopolitical risk premium.

The deployment of additional US forces and the resulting spike in WTI crude have created a floor that outweighs the impact of deteriorating global growth prospects.

Consequently gasoline remains tethered to these supply-side shocks as the market weighs the hope of a peace deal against the threat of energy infrastructure destruction.



News Stream
Gasoline Extends Momentum
US gasoline futures rose above $3.35 per gallon, hitting their highest level since July 2022 as the effective closure of the Strait of Hormuz continues to choke global supply and drive a record 30% monthly gain. This price surge is underpinned by the physical disruption of critical energy corridors where Houthi involvement in Yemen has introduced fresh risks to Red Sea transit and Yanbu shipments. While President Trump hinted at serious discussions to end the five-week conflict his concurrent ultimatum to obliterate Iranian power plants and the Kharg Island export hub if the waterway remains blocked has reinforced a massive geopolitical risk premium. The deployment of additional US forces and the resulting spike in WTI crude have created a floor that outweighs the impact of deteriorating global growth prospects. Consequently gasoline remains tethered to these supply-side shocks as the market weighs the hope of a peace deal against the threat of energy infrastructure destruction.
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Gasoline Prices Climb to 3½-Year High
US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, as the Middle East war continued to escalate. Prices are also on track for their biggest monthly gain on record of over 30%, following severe disruptions to energy flows after the near-complete closure of the Strait of Hormuz. In the latest development, Iran-backed Houthi fighters in Yemen have joined the broader conflict and said their operations would persist until attacks against Iran and its allied militant groups come to an end. Houthi involvement adds new risks to crude markets, as Red Sea disruptions and potential threats to Yanbu shipments could further tighten supply. Meanwhile, additional US forces have been deployed to the region, fanning fears of a potential ground invasion. These developments have extended the war into a fifth week and dimmed prospects for a near-term resolution.
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