Gasoline Falls Over 2%

US gasoline prices fell more than 2% toward $2.90 per gallon, mirroring the decline in crude oil prices as the continued flow of vessels through the Strait of Hormuz eased supply concerns despite renewed security risks. More previously stranded oil tankers resumed transiting the waterway despite an unidentified projectile striking a container ship near Oman, reviving concerns over Iran's influence on shipping as Tehran and Washington negotiated a permanent end to the conflict. Meanwhile, Saudi Arabian tankers headed toward the Ras Tanura terminal to resume exports through the Persian Gulf for the first time since March, while Qatar issued its first post-war crude tender. Domestically, US gasoline inventories rose by 2.064 million barrels to 216.3 million barrels, defying expectations for a draw. However, stockpiles remained 5% below the five-year average. Separately, President Donald Trump ordered a federal investigation into the slow decline in pump prices.

Gasoline increased 5% to 3.0258 USD/Gal

US gasoline prices held above $3.0 per gallon after tracking a rebound in crude driven by geopolitical tensions in the Middle East. The maritime group UKMTO reported that a vessel was struck by an unknown projectile in the Strait of Hormuz off the Omani coast, prompting several commercial ships to reverse course. This disruption renewed safety concerns regarding the vital shipping corridor and fueled anxieties over Iran dictating transit while Washington and Tehran negotiate a permanent end to their war. Despite the volatility, Saudi Arabian tankers headed toward the Ras Tanura terminal to resume Persian Gulf exports for the first time since March, and Qatar issued its first post-war crude tender. Domestically, US gasoline inventories rose by 2.064 million barrels to 216.3 million barrels, defying expectations of a draw. However, stockpiles remain 5% below the five-year average. Meanwhile, President Donald Trump ordered a federal investigation into the slow-falling pump prices.