Gasoline Holds Near One-Month Low

2026-08-05 16:45 By Larissa Caser 1 min. read

US gasoline futures held near $2.85 per gallon on Wednesday after touching a one-month low of $2.80 earlier in the session, as growing optimism over a potential US-Iran agreement backed an outlook of improved supply.

President Donald Trump said talks with Tehran were ongoing, while Iran and Oman continued discussions aimed at restoring tanker flows in the Persian Gulf.

Still, prices remained about 24% above pre-war levels amid supply concerns from elsewhere.

Yemen's Iran-backed Houthis claimed they had targeted a Saudi oil tanker in the Red Sea.

In Russia, diesel and gasoline exports plunged 60% in July as Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027 while increasing imports from Belarus, India, Kazakhstan, and Morocco.

Meanwhile, EIA data showed US gasoline inventories fell by 1.643 million barrels in the week to July 31st, exceeding expectations and leaving stocks 7% below the five-year seasonal average.



News Stream
Gasoline Holds Near One-Month Low
US gasoline futures held near $2.85 per gallon on Wednesday after touching a one-month low of $2.80 earlier in the session, as growing optimism over a potential US-Iran agreement backed an outlook of improved supply. President Donald Trump said talks with Tehran were ongoing, while Iran and Oman continued discussions aimed at restoring tanker flows in the Persian Gulf. Still, prices remained about 24% above pre-war levels amid supply concerns from elsewhere. Yemen's Iran-backed Houthis claimed they had targeted a Saudi oil tanker in the Red Sea. In Russia, diesel and gasoline exports plunged 60% in July as Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027 while increasing imports from Belarus, India, Kazakhstan, and Morocco. Meanwhile, EIA data showed US gasoline inventories fell by 1.643 million barrels in the week to July 31st, exceeding expectations and leaving stocks 7% below the five-year seasonal average.
2026-08-05
Gasoline Rebounds
US gasoline futures traded near $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
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