Gasoline Prices Rebound

2026-06-08 01:00 By Kyrie Dichosa 1 min. read

US gasoline futures climbed above $3.10 per gallon, rebounding from a seven-week low, as reports showed that Iran and Israel exchanged fire.

Iran launched another wave of attacks on Israel just hours after firing ballistic missiles over the weekend.

Israel responded with strikes on military targets in western and central Iran, with explosions also reported in Tehran.

The escalation came despite President Donald Trump’s calls for both sides to halt fighting and return to diplomacy.

The developments heighten the risk of wider conflict, which could further disrupt Middle Eastern shipping routes and energy flows, worsening the already tight conditions in global distillate markets.

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 Prices Rebound
US gasoline futures climbed above $3.10 per gallon, rebounding from a seven-week low, as reports showed that Iran and Israel exchanged fire. Iran launched another wave of attacks on Israel just hours after firing ballistic missiles over the weekend. Israel responded with strikes on military targets in western and central Iran, with explosions also reported in Tehran. The escalation came despite President Donald Trump’s calls for both sides to halt fighting and return to diplomacy. The developments heighten the risk of wider conflict, which could further disrupt Middle Eastern shipping routes and energy flows, worsening the already tight conditions in global distillate markets. 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.
2026-06-08
Gasoline Prices Near 7-Week Low
US gasoline futures fell to around $3.0 per gallon, 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 and was reportedly hesitant to escalate into a full-scale war with Iran despite recent clashes. This contrasted with Iran’s foreign minister, who earlier said negotiations had stalled. Adding to uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon. Restrictions on tanker traffic through the Strait of Hormuz remained, a key chokepoint accounting 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