Gasoline Plunges on Hopes of Persian Gulf Supply

2026-04-17 14:05 By Andre Joaquim 1 min. read

Gasoline futures for delivery at the New York Harbor sank to below $2.95 per gallon on Friday, the lowest in over one month, after Iran stated that tankers are free to navigate through the Strait of Hormuz.

Iranian officials stated that they will open the Persian Gulf chokepoint for all commercial vessels for the first time since the start of the conflict, raising hopes that energy supply from the key region is due to be normalized shortly, although US President Trump stated that Iranian vessels will remain blockaded.

The development was set to ease bidding prices for alternative crude oil producers by Asian refineries that are dependent on supply from the Middle East, which were the heaviest hit by the conflict at the beginning of the month, which drove US retail gasoline prices to surpass $4 per gallon.

Still, attacks on Russian refining infrastructure prevented a sharper drop for gasoline futures.



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Gasoline futures for delivery at the New York Harbor sank to below $2.95 per gallon on Friday, the lowest in over one month, after Iran stated that tankers are free to navigate through the Strait of Hormuz. Iranian officials stated that they will open the Persian Gulf chokepoint for all commercial vessels for the first time since the start of the conflict, raising hopes that energy supply from the key region is due to be normalized shortly, although US President Trump stated that Iranian vessels will remain blockaded. The development was set to ease bidding prices for alternative crude oil producers by Asian refineries that are dependent on supply from the Middle East, which were the heaviest hit by the conflict at the beginning of the month, which drove US retail gasoline prices to surpass $4 per gallon. Still, attacks on Russian refining infrastructure prevented a sharper drop for gasoline futures.
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