US Gasoline Climbs More Than 4%

US gasoline futures climbed over 4% to above $3.10 per barrel on Monday, rebounding from a more than four-week low in the prior session, tracking a recovery in energy commodities as tensions flared again in the Middle East. President Donald Trump said a US Navy guided-missile destroyer disabled an Iranian-flagged cargo ship in the Gulf of Oman, after which Marines boarded and took control of the vessel. The action followed reports that Iran fired on commercial ships passing through the Strait of Hormuz, while Tehran again closed the chokepoint, saying the US blockade of Iran-linked vessels breached a ceasefire due to expire Tuesday. The standoff in Hormuz raises the risk of a deeper global energy crisis and undercuts Trump’s expectation of a quick resolution to the conflict. Adding to supply pressures were continued attacks on Russian refining infrastructure.

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.