Gasoline is down by 16.75%

Gasoline decreased 16.75% to 2.6088 USD/Gal

US gasoline futures rose above $3.20 per gallon, attempting to rebound from a five-week low, as fresh strikes in the Persian Gulf clouded prospects of a US–Iran deal that could reopen the Strait of Hormuz. Both sides reportedly launched new strikes, raising doubts over the viability of a concrete agreement amid ongoing talks, with Washington and Tehran remaining divided over key negotiating issues. Adding to tensions, the US Treasury sanctioned Iran’s Persian Gulf Strait Authority over an alleged IRGC-linked toll scheme in the strait. The back-and-forth developments since the conflict broke out in March have kept energy markets volatile, pushing gasoline futures to a four-year high in early May. Meanwhile, industry data showed US gasoline inventories fell by 3.2 million barrels in the week ending May 22. Separately, Russia is reportedly weighing restrictions on diesel and jet fuel exports as refinery operations come under pressure from escalating Ukrainian attacks.

US gasoline futures held around $3.10 per gallon, near its 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.