Gasoline Rises to 2-Week High

2026-08-12 01:33 By Kyrie Dichosa 1 min. read

US gasoline futures rose to around $3.16 per gallon on Wednesday, a two-week high, tracking gains in crude prices as markets assessed the viability of efforts toward a potential deal on the Strait of Hormuz.

Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the waterway, while Iran-Oman talks have reached an advanced stage, according to a Qatari official cited by Al Jazeera.

Escalating Russia-Ukraine attacks also raised concerns over prolonged energy disruptions after Ukraine launched a long-range drone strike on a major Russian refinery.

Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its ban on gasoline and diesel exports through January 2027.

Meanwhile, API data showed gasoline stocks fell by 1.531 million barrels in the week ending August 7, following a 156,000-barrel increase the prior week.

At the pump, the EIA raised its retail gasoline price forecast for this year and 2027.



News Stream
Gasoline Rises to 2-Week High
US gasoline futures rose to around $3.16 per gallon on Wednesday, a two-week high, tracking gains in crude prices as markets assessed the viability of efforts toward a potential deal on the Strait of Hormuz. Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the waterway, while Iran-Oman talks have reached an advanced stage, according to a Qatari official cited by Al Jazeera. Escalating Russia-Ukraine attacks also raised concerns over prolonged energy disruptions after Ukraine launched a long-range drone strike on a major Russian refinery. Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its ban on gasoline and diesel exports through January 2027. Meanwhile, API data showed gasoline stocks fell by 1.531 million barrels in the week ending August 7, following a 156,000-barrel increase the prior week. At the pump, the EIA raised its retail gasoline price forecast for this year and 2027.
2026-08-12
Gasoline Futures Reverse Course
US gasoline futures fell below $3.1 per gallon on Tuesday, after approaching a one-week high of $3.18 earlier in the session, as hopes for a US-Iran peace agreement raised expectations of the key waterway reopening. Pakistan’s Defense Minister Khawaja Asif stated a deal was close and that lasting peace would serve the region’s interests. Meanwhile, Iran said talks with Oman on alternative shipping routes were at an advanced stage, according to a Qatari Foreign Ministry spokesperson cited by Al Jazeera. Still, US President Donald Trump adopted a tougher stance, warning that Tehran would have to pay for damage caused by past attacks. Elsewhere, escalating Russia-Ukraine attacks raised concerns over further disruptions to energy infrastructure after Ukraine launched a long-range drone strike on a major Russian refinery. Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its ban on gasoline and diesel exports through January 2027.
2026-08-11
Gasoline is up by 5%
Gasoline increased 5% to 3.1346 USD/Gal
2026-08-10