FX.co ★ Gasoline Futures Fall Oil Lower

US gasoline futures fell about 5% to $3.14 per gallon after President Donald Trump paused plans for strikes on Iranian energy infrastructure for five days, following what he described as productive talks. The decision triggered a sharp decline in oil prices and came on the heels of a weekend ultimatum to reopen the Strait of Hormuz, after which Iran threatened to completely close and mine the strategic waterway. Brent crude briefly dropped below $100 per barrel, sliding more than 11%. Despite the pullback, gasoline futures remain more than 37% higher for the month, supported by robust spring demand and earlier crude oil gains driven by the conflict. Ongoing supply disruptions tied to the near standstill in traffic through the Strait, along with the seasonal shift to more expensive summer fuel blends, continue to provide a floor for prices.