Gasoline Turns Higher

2026-09-28 01:32 By Kyrie Dichosa 1 min. read

US gasoline futures rose above $3.40 per gallon, ending a two-day decline, as dimming prospects for a diplomatic resolution in the Middle East and potential US diesel export restrictions raised concerns over fuel supply.

President Donald Trump rejected Iran’s conditional proposal to reopen the Strait of Hormuz, raising expectations of prolonged disruption in the key waterway, although he said he expects negotiations to resume this week.

In a separate statement, Trump said he is still considering “very seriously” a US diesel export ban, noting that such a move could lead to higher gasoline prices.

If implemented, the ban could prompt refiners to cut crude runs and reduce gasoline production, tightening domestic supply further.

Still, other administration officials are pursuing alternatives, as Energy Secretary Chris Wright said the administration is seeking voluntary export curbs from refiners, while industry groups have instead urged a suspension of the federal diesel tax.



News Stream
Gasoline Turns Higher
US gasoline futures rose above $3.40 per gallon, ending a two-day decline, as dimming prospects for a diplomatic resolution in the Middle East and potential US diesel export restrictions raised concerns over fuel supply. President Donald Trump rejected Iran’s conditional proposal to reopen the Strait of Hormuz, raising expectations of prolonged disruption in the key waterway, although he said he expects negotiations to resume this week. In a separate statement, Trump said he is still considering “very seriously” a US diesel export ban, noting that such a move could lead to higher gasoline prices. If implemented, the ban could prompt refiners to cut crude runs and reduce gasoline production, tightening domestic supply further. Still, other administration officials are pursuing alternatives, as Energy Secretary Chris Wright said the administration is seeking voluntary export curbs from refiners, while industry groups have instead urged a suspension of the federal diesel tax.
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Gasoline Prices Retreat
US gasoline futures fell below $3.42 per gallon, retreating from a four-month high, as markets weighed uncertainty over potential curbs to diesel exports in the US alongside diplomatic developments in the Middle East. Diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran. However, continued attacks in the Middle East tempered hopes for broader de-escalation. While Energy Secretary Chris Wright favors voluntary curbs on diesel exports, President Trump has previously backed restrictions, leaving the policy outlook unclear. Such restrictions could prompt US refiners to cut crude runs by about 12%, according to S&P Global Energy CERA, reducing gasoline production. Separately, US gasoline inventories unexpectedly declined by 1.7 million barrels in the week ending September 18th, according to the EIA.
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