Gasoline Rises Amid Supply Concerns

2026-08-31 15:16 By Larissa Caser 1 min. read

US gasoline futures traded above $3.06 per gallon, as traders weighed fresh US-Iran hostilities against expectations of easing pump prices.

President Donald Trump is expected to meet U.S.

oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity.

Goldman Sachs has warned of tightness in global refining, with prices of refined products far outpacing gains in crude.

Meanwhile, gasoline inventories fell 2.536 million barrels in the week ending August 21st.

Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend and August on track to be the most expensive on record near $4 a gallon, according to AAA.

Geopolitical tensions have also taken nearly 10% of global refinery capacity offline, with Russian refining near multi-year lows, while fresh strikes between the U.S.

and Iran around the Strait of Hormuz kept operators cautious about transiting the waterway.



News Stream
Gasoline Rises Amid Supply Concerns
US gasoline futures traded above $3.06 per gallon, as traders weighed fresh US-Iran hostilities against expectations of easing pump prices. President Donald Trump is expected to meet U.S. oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity. Goldman Sachs has warned of tightness in global refining, with prices of refined products far outpacing gains in crude. Meanwhile, gasoline inventories fell 2.536 million barrels in the week ending August 21st. Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend and August on track to be the most expensive on record near $4 a gallon, according to AAA. Geopolitical tensions have also taken nearly 10% of global refinery capacity offline, with Russian refining near multi-year lows, while fresh strikes between the U.S. and Iran around the Strait of Hormuz kept operators cautious about transiting the waterway.
2026-08-31
Gasoline Rises on Tight Supply
US gasoline futures rose toward $3.10 per gallon, as tight gasoline supplies keep prices elevated. EIA data showed US gasoline inventories fell by 2.536 million barrels in the week ending August 21st, leaving inventories consistently below the five-year average in recent weeks. US refineries are already operating near maximum capacity, leaving limited room to rebuild inventories. Demand is providing additional support, with heavy driving expected over the Labor Day weekend. Elsewhere, geopolitical tensions have disrupted nearly 10% of global refinery capacity, with the Russia-Ukraine conflict adding to supply pressures. Attacks on Russian refineries have pushed refinery runs toward multi-year lows, while Russian gasoline production has fallen nearly 20% from a year earlier. However, oil flows through the Strait of Hormuz improved, as the proposed Iran-Oman corridor reduced perceived risks of tighter crude supplies.
2026-08-28
Gasoline Hits 5-Week High
US gasoline futures rose to around $3.40 per gallon, hitting a five-week high, as supply concerns intensified amid rising geopolitical risks. US-Iran diplomatic efforts remained stalled after Washington ruled out reviving the terms of a June agreement and said it was not currently negotiating with Tehran. The US has instead intensified pressure through new sanctions earlier this week, which Iran condemned as hostile and ineffective. Meanwhile, Black Sea shipments faced heightened risks as Russia considers intensifying military pressure on Ukraine after determining that peace negotiations have reached a dead end, while strikes on Russian refineries pushed refinery runs toward multi-year lows. In the US, EIA data showed gasoline inventories fell by 2.536 million barrels in the week ending August 21, well above expectations, leaving stocks 6% below the five-year average and underscoring continued tightness in the fuel market.
2026-08-28