Gasoline Rebounds

2026-08-05 09:04 By Larissa Caser 1 min. read

US gasoline futures rose above $2.85 per gallon after hitting a one-month low of $2.80 following reports of attacks in the Red Sea.

Yemen's Iran-backed Houthis said they had targeted a Saudi oil tanker in the region.

Still, prices remained under pressure amid optimism over a potential interim US-Iran agreement.

President Donald Trump said talks with Tehran were ongoing, raising hopes the Strait of Hormuz could reopen, while Qatar said a draft proposal to revive negotiations was circulating, although officials stressed no agreement had been reached.

The US had earlier delayed planned military strikes on Iran to allow more time for diplomacy.

Meanwhile, gasoline prices remained more than 30% above year-ago levels as limited US refining capacity continued to constrain fuel supplies.

In Russia, the government extended its gasoline and diesel export ban through January 2027 amid persistent fuel shortages and continued Ukrainian strikes on major refineries.



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Gasoline Rebounds
US gasoline futures rose above $2.85 per gallon after hitting a one-month low of $2.80 following reports of attacks in the Red Sea. Yemen's Iran-backed Houthis said they had targeted a Saudi oil tanker in the region. Still, prices remained under pressure amid optimism over a potential interim US-Iran agreement. President Donald Trump said talks with Tehran were ongoing, raising hopes the Strait of Hormuz could reopen, while Qatar said a draft proposal to revive negotiations was circulating, although officials stressed no agreement had been reached. The US had earlier delayed planned military strikes on Iran to allow more time for diplomacy. Meanwhile, gasoline prices remained more than 30% above year-ago levels as limited US refining capacity continued to constrain fuel supplies. In Russia, the government extended its gasoline and diesel export ban through January 2027 amid persistent fuel shortages and continued Ukrainian strikes on major refineries.
2026-08-05
Gasoline is down by 5.02%
Gasoline decreased 5.02% to 2.8179 USD/Gal
2026-08-04
Gasoline Falls to Over 5-Week Low
Gasoline in the US fell to around $2.80 per gallon, the lowest level since June 26, as easing geopolitical tensions weighed on energy prices. US Treasury Secretary Scott Bessent said that there is a chance of a deal today or tomorrow to open the strait, while Qatar announced that a draft proposal to revive US-Iran negotiations was being circulated, although officials stressed that no agreement had yet been reached. Earlier, President Donald Trump delayed planned military strikes on Iran to allow more time for diplomacy. Meanwhile, gasoline prices remain more than 30% above year-ago levels, as limited US refining capacity continues to constrain fuel supplies and restrict the industry's ability to boost production. In Russia, the government extended its diesel and gasoline export ban through January 2027 as fuel shortages persisted amid continued Ukrainian strikes on major oil refineries.
2026-08-04