Gasoline Extends Losses

2026-07-10 01:02 By Kyrie Dichosa 1 min. read

US gasoline futures fell to around $3.0 per gallon, extending their retreat from a one-month high of $3.10 on July 8, as continued technical talks between the US and Iran despite renewed hostilities prompted markets to reassess the supply outlook.

Both sides have stopped short of all-out war, and Washington said it remains committed to finding a solution, while some provisions of their interim agreement remain in effect.

Although security conditions in the Strait of Hormuz have deteriorated and tanker traffic has slowed, investors expect the waterway to remain open.

Selected laden tankers from the UAE continued to load and sail, reducing fears that exports from the region could come to a standstill.

The prospect of a crude supply glut amid higher OPEC+ output also weighed on prices, though concerns remained over whether global refineries have sufficient capacity to process the additional supply.



News Stream
Gasoline Extends Losses
US gasoline futures fell to around $3.0 per gallon, extending their retreat from a one-month high of $3.10 on July 8, as continued technical talks between the US and Iran despite renewed hostilities prompted markets to reassess the supply outlook. Both sides have stopped short of all-out war, and Washington said it remains committed to finding a solution, while some provisions of their interim agreement remain in effect. Although security conditions in the Strait of Hormuz have deteriorated and tanker traffic has slowed, investors expect the waterway to remain open. Selected laden tankers from the UAE continued to load and sail, reducing fears that exports from the region could come to a standstill. The prospect of a crude supply glut amid higher OPEC+ output also weighed on prices, though concerns remained over whether global refineries have sufficient capacity to process the additional supply.
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Gasoline Eases Off One-Month High
US gasoline futures fell to $3.05 per gallon after reaching near one-month high of $3.10 on July 8th, as markets reassessed the supply outlook following renewed US-Iran tensions in the Middle East. After revoking the 60-day waiver that allowed Iran to sell oil on global markets, the US launched retaliatory strikes in response to attacks on American bases, renewing concerns over potential disruptions to shipments through the Strait of Hormuz. However, selected laden tankers from the UAE continued to ship their material, softening concerns that exports from the region could return to a standstill. The possibility of a crude supply glut amid accelerated output from a higher OPEC+ quotas also weighed on prices. Still, concerns remained on whether global refineries have sufficient capacity to process the excess supply.
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