Gasoline Hovers Near 7-Week Low

2026-06-05 01:10 By Kyrie Dichosa 1 min. read

US gasoline futures hovered around $3.0 per gallon, holding close to a seven-week low, as markets assessed the likelihood of a viable diplomatic resolution in the Middle East.

President Trump described ceasefire talks as being in the “final” stages, differing from Iran’s foreign minister, who earlier said negotiations had stalled.

The conflicting statements came alongside a sharp escalation in violence earlier in the week.

Adding to uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon.

The developments extended restrictions on tanker traffic through the Strait of Hormuz, which accounts for about one-fifth of global oil consumption.

Meanwhile, US gasoline inventories rose by more than 3 million barrels in the final week of May, ending a 15-week streak of declines.

However, draws of around 8 million barrels each from private crude stocks and the SPR tempered the overall improvement in refined product supply.



News Stream
Gasoline Hovers Near 7-Week Low
US gasoline futures hovered around $3.0 per gallon, holding close to a seven-week low, as markets assessed the likelihood of a viable diplomatic resolution in the Middle East. President Trump described ceasefire talks as being in the “final” stages, differing from Iran’s foreign minister, who earlier said negotiations had stalled. The conflicting statements came alongside a sharp escalation in violence earlier in the week. Adding to uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon. The developments extended restrictions on tanker traffic through the Strait of Hormuz, which accounts for about one-fifth of global oil consumption. Meanwhile, US gasoline inventories rose by more than 3 million barrels in the final week of May, ending a 15-week streak of declines. However, draws of around 8 million barrels each from private crude stocks and the SPR tempered the overall improvement in refined product supply.
2026-06-05
Gasoline Rebounds from 6-Week Low
US gasoline futures for delivery in the New York Harbor held near $3.10 per gallon, after rebounding from the six-week low of $3 touched on May 29th as the prolonged conflict in the Middle East extended the supply halt of oil and refined product from the region. Iran launched strikes against Bahrain and Kuwait after stating it would cut communication with mediatiors aiming for an agreement with the US, while the US hit Iranian targets. The developments prolonged the naval blockade by both countries that prevents the flows of tankers through the Strait of Hormuz, which sees one fifth of global consumption. In turn, US gasoline inventory rebounded by over 3 million barrels in the last week of May following 15 consecutive weeks of decline. Still, an 8 million barrel draw in private crude oil inventories, in addition to an 8 million barrel draw in the SPR, limited the respite in refined product supply.
2026-06-03
Gasoline Extends Gains for Third Session
Gasoline futures in the US rose toward $3.20 per gallon, extending gains for a third straight session, as renewed clashes in the Middle East undermined expectations for progress in US–Iran negotiations. Both sides reportedly exchanged fresh strikes, despite President Donald Trump stating that talks with Iran were still ongoing toward a possible peace deal, contradicting Iranian media reports that communications had broken down. The mix of conflicting signals and continued hostilities has kept markets uneasy, fueling heightened volatility across energy commodities. Supporting prices further, US gasoline inventories fell for a 15th consecutive week in May, as refineries ran at elevated utilization levels, processing crude from strategic reserves, with some output capacity redirected toward diesel and jet fuel production to ease supply pressures.
2026-06-03