Gasoline Prices Hold Near $2.90

2026-07-02 01:31 By Kyrie Dichosa 1 min. read

Gasoline Prices Hold Near $2.90 US gasoline prices held near $2.90 per gallon, hovering just above their lowest level in more than three months after reversing much of their conflict-driven surge over the past quarter.

Oil flows through the Strait of Hormuz continued to improve, with crude shipments topping 10 million barrels per day under US military protection, according to a US official.

The UAE also restored exports to pre-war levels by relying on alternative routes, while Iran's crude shipments exceeded 40 million barrels after the US ended its naval blockade.

Separately, President Donald Trump welcomed progress in negotiations following another round of indirect talks.

On the data front, gasoline inventories fell by a larger-than-expected 2.333 million barrels in the week ended June 26.

Elsewhere, US Treasury Secretary Scott Bessent urged oil and gas companies to cut fuel prices, a day after President Donald Trump called on retailers to lower gasoline prices.



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Gasoline Prices Hold Near $2.90
Gasoline Prices Hold Near $2.90 US gasoline prices held near $2.90 per gallon, hovering just above their lowest level in more than three months after reversing much of their conflict-driven surge over the past quarter. Oil flows through the Strait of Hormuz continued to improve, with crude shipments topping 10 million barrels per day under US military protection, according to a US official. The UAE also restored exports to pre-war levels by relying on alternative routes, while Iran's crude shipments exceeded 40 million barrels after the US ended its naval blockade. Separately, President Donald Trump welcomed progress in negotiations following another round of indirect talks. On the data front, gasoline inventories fell by a larger-than-expected 2.333 million barrels in the week ended June 26. Elsewhere, US Treasury Secretary Scott Bessent urged oil and gas companies to cut fuel prices, a day after President Donald Trump called on retailers to lower gasoline prices.
2026-07-02
Gasoline Prices Edge Down
US gasoline prices hovered at $2.90 per gallon, as markets turned their attention to prospects for US-Iran peace talks, though uneven messaging from both sides kept uncertainty elevated. Iran’s Deputy Foreign Minister Kazem Gharibabadi also said Tehran would move ahead with plans to jointly manage traffic in the Strait of Hormuz “if for any reason Oman is not interested in doing so,” highlighting continued disagreements over the key shipping route. Traffic through the strategic waterway eased over the weekend after renewed clashes damaged two vessels, while tanker operators and crews have remained willing to keep transiting the route. Domestically, President Donald Trump urged gasoline retailers to bring prices down immediately, warning that there would be “big problems” ahead if they failed to do so. For the month, gasoline prices are heading for a 6% drop and a roughly 10% decline for Q2.
2026-06-30
Gasoline Prices Move Higher
US gasoline prices rose toward $2.99 per gallon, tracking gains in crude oil prices, as markets continued to price in risks to global oil supplies after the recent exchange of strikes between the US and Iran. Although both sides agreed to pause further attacks and allow commercial vessels to transit the Strait of Hormuz ahead of peace talks later this week, according to a US official speaking on condition of anonymity, investors remain wary. The latest flare-up disrupted the recovery in oil shipments through the strategic waterway that had followed an earlier interim agreement, while many shipowners continued to avoid the route, leaving hundreds of vessels stranded in the Persian Gulf. Adding to geopolitical tensions, Israel said it launched fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.
2026-06-29