Gasoline Prices Decline

2026-06-12 01:10 By Kyrie Dichosa 1 min. read

US gasoline prices fell below $3.10 per gallon, remaining volatile throughout the week as markets weighed shifting developments in the Middle East.

President Donald Trump said a peace deal with Iran could be signed as soon as the weekend and called off planned airstrikes after talks with Tehran.

The comments came despite earlier threats targeting Iran’s oil infrastructure, while hostilities between the US and Iran had escalated earlier in the week.

The absence of firm agreements kept energy markets choppy, while raising concerns over extended supply disruptions.

The Strait of Hormuz has remained largely constrained since March, handling roughly one-fifth of global oil flows.

Meanwhile, EIA data showed gasoline inventories increased by nearly 0.2 million barrels in the first week of June, defying expectations of a 0.5 million barrel draw.

Still, the modest build followed several weeks of steep declines, suggesting stocks had been drawing down quickly ahead of the summer driving season.



News Stream
Gasoline Prices Decline
US gasoline prices fell below $3.10 per gallon, remaining volatile throughout the week as markets weighed shifting developments in the Middle East. President Donald Trump said a peace deal with Iran could be signed as soon as the weekend and called off planned airstrikes after talks with Tehran. The comments came despite earlier threats targeting Iran’s oil infrastructure, while hostilities between the US and Iran had escalated earlier in the week. The absence of firm agreements kept energy markets choppy, while raising concerns over extended supply disruptions. The Strait of Hormuz has remained largely constrained since March, handling roughly one-fifth of global oil flows. Meanwhile, EIA data showed gasoline inventories increased by nearly 0.2 million barrels in the first week of June, defying expectations of a 0.5 million barrel draw. Still, the modest build followed several weeks of steep declines, suggesting stocks had been drawing down quickly ahead of the summer driving season.
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US gasoline prices extended gains above $3.10 per gallon, driven by concerns that the Iran war could continue and keep disrupting energy supplies as hostilities intensify. The US conducted strikes on multiple targets in Iran, with reports indicating that President Donald Trump warned of additional attacks unless an interim peace deal is reached. Iran was also reported to have carried out missile and drone strikes against US vessels operating in the Strait of Hormuz. These developments have heightened worries over prolonged military escalation and raised doubts about a durable peace agreement. Meanwhile, EIA data showed gasoline inventories rose by almost 0.2 million barrels in the first week of June, defying expectations for a 0.5 million barrel draw. However, this modest weekly build came after several weeks of sharp declines, indicating that inventories have been falling rapidly ahead of the summer driving season.
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US Gasoline Steadies
US gasoline prices steadied around $3.02 per gallon after declining in the previous session, as the US launched fresh strikes on Iran. US Central Command said the "self-defense strikes" were conducted at President Donald Trump's direction in response to the downing of a US helicopter that was patrolling over the Strait of Hormuz. The latest strikes threaten an already fragile ceasefire in the region and cast doubt on efforts to reach a more durable peace agreement that could reopen the strait. The key waterway remained largely closed under a dual blockade from both sides, severely constraining exports of distillate products from the region. On the supply side, US gasoline inventories increased by more than 3 million barrels in the final week of May, ending a 15-week run of consecutive declines. However, sizable withdrawals of roughly 8 million barrels each from private crude stocks and the SPR offset improvements in supply conditions.
2026-06-10