Gasoline Rebounds to 4-Week High

2026-07-08 09:32 By Andre Joaquim 1 min. read

Gasoline futures for delivery in the New York Harbor rose above $3.0 per gallon on Wednesday, their highest in four weeks, after breaches to the US-Iran ceasefire jeopardized the return of Middle Eastern energy supply.

The US launched a wave of attacks on Iran after the IRGC hit tankers crossing the Strait of Hormuz.

The US also stated it would block Iranian energy sales and President Trump stated he saw the ceasefire as done.

Multiple oil and gas tankers turned back from crossing the Strait, risking a fresh halt to exports from the GCC shortly after crude oil feedstock prices had declined to pre-war levels.

Still, tight refining capacity worldwide triggered a surge in crack spreads and gasoline futures were over 50% higher from late February.

This was magnified by a preference for refineries to switch to distillates amid the shortage in jet fuel.

On top of that, major Chinese refineries returned to energy markets after relying on stockpiles of crude oil since the outbreak of the war.



News Stream
Gasoline Rebounds to 4-Week High
Gasoline futures for delivery in the New York Harbor rose above $3.0 per gallon on Wednesday, their highest in four weeks, after breaches to the US-Iran ceasefire jeopardized the return of Middle Eastern energy supply. The US launched a wave of attacks on Iran after the IRGC hit tankers crossing the Strait of Hormuz. The US also stated it would block Iranian energy sales and President Trump stated he saw the ceasefire as done. Multiple oil and gas tankers turned back from crossing the Strait, risking a fresh halt to exports from the GCC shortly after crude oil feedstock prices had declined to pre-war levels. Still, tight refining capacity worldwide triggered a surge in crack spreads and gasoline futures were over 50% higher from late February. This was magnified by a preference for refineries to switch to distillates amid the shortage in jet fuel. On top of that, major Chinese refineries returned to energy markets after relying on stockpiles of crude oil since the outbreak of the war.
2026-07-08
Gasoline Hits 3-Week High
US gasoline prices rose above $3.0 per gallon, trading at a three-week high, after the US launched fresh strikes against Iran in response to a series of attacks on shipping in the Strait of Hormuz. The US Treasury also revoked a sanctions waiver that had allowed Tehran to sell oil, reversing a key element of the interim peace deal with the Islamic Republic. The escalation heightened concerns over renewed disruptions to global energy markets and challenged earlier expectations of a supply glut, which had been fueled by higher OPEC+ quotas and rising output from Middle Eastern producers. Further supporting gasoline prices, refinery disruptions in Russia added to supply concerns after the country’s largest oil refinery in western Siberia and a major gasoline producer halted operations following a Ukrainian drone strike, one of Kyiv’s longest-range attacks of the conflict.
2026-07-08
Gasoline Rises to 3-Week High
US gasoline prices rose above $3.0 per gallon, reaching their highest level in three weeks, as resilient refining margins and tight fuel supplies continued to support refined products. Refinery constraints and robust gasoline demand kept crack spreads firm, while Ukrainian drones struck Russia's largest oil refinery in Omsk, in one of the war's longest-range attacks, heightening concerns over refined fuel supplies. The support for gasoline prices contrasted with weakness in crude, where higher OPEC+ output and improving global supplies continued to weigh on benchmark prices. Oil and gas shipments through the US-protected corridor in the Strait of Hormuz also continued to recover, allowing major Persian Gulf producers to ramp up exports. Saudi Arabia's shipments climbed close to pre-conflict levels as tanker traffic normalized, while the United Arab Emirates also restored export flows.
2026-07-07