US gasoline futures jumped more than 4% to above $3.20 per gallon on Thursday, snapping a two‑day losing streak and tracking gains in crude oil prices. The move came after President Trump signaled that the United States could launch military action against Iran in the coming weeks.
In a rare prime‑time address, Trump offered no clear timeline for resolving the Middle East conflict. He said the US had nearly achieved its strategic objectives in Iran but cautioned that military operations could intensify over the next two to three weeks. At the same time, he stressed that the conflict was unlikely to be prolonged and highlighted ongoing negotiations with Tehran, keeping the prospect of a diplomatic solution open.
Iran, for its part, rejected Trump’s assertion that it had sought a ceasefire. Iranian officials insisted that the Strait of Hormuz would remain closed and reiterated that the crucial shipping lane is firmly under the control of the IRGC Navy.
On the fundamentals side, US gasoline inventories declined by 0.6 million barrels last week, falling short of analysts’ expectations for a larger 1.9 million‑barrel draw.
