Gasoline Hits 5-week Low

Gasoline decreased to 2.89 USD/Gal, the lowest since March 2026. Over the past 4 weeks, Gasoline lost 6.32%, and in the last 12 months, it increased 38.73%.

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.

Gasoline futures traded above $3.10 per gallon, holding most of its recent gains as a larger-than-expected draw in inventories outweighed prospects of further US–Iran peace negotiations. EIA data showed gasoline stocks declined by 6.3 million barrels, compared with expectations for a 2.1 million-barrel drop. Weekly gasoline demand also rose by 0.5 million bpd, while the four-week average increased by 0.1 million bpd. Meanwhile, reports indicate that Washington and Tehran are nearing a second round of discussions, alongside a potential extension of the two-week ceasefire. President Trump also said negotiations could restart within days, noting that the conflict appears to be nearing its end. However, the Strait of Hormuz remains largely closed, with a US naval blockade of Iranian ports continuing to fuel concerns over deeper supply disruptions.