Gasoline Futures Fall to Over 5-Week Low
2026-05-27 13:01
By
Agna Gabriel
1 min. read
US gasoline futures fell below $3.10 per gallon, the lowest level in more than five weeks, after Iranian media reported obtaining an unofficial draft of a potential agreement to end the war with Iran, raising hopes that the Strait of Hormuz could soon reopen.
According to state television, the draft memorandum suggests US forces would ease their naval blockade and withdraw from waters near Iran, while Tehran would restore shipping flows through Hormuz, a key route for around 20% of global oil and LNG trade.
Although no agreement has been finalized, markets reacted positively to signs that indirect talks between Washington and Tehran are continuing.
US Secretary of State Marco Rubio said any peace deal could still take several days to complete.
Separately, Russia is reportedly considering limits on diesel and jet fuel exports as refinery activity weakens amid escalating Ukrainian attacks.