FX.co ★ Gasoline Rebounds

US gasoline prices climbed back above $3.10 per gallon on Monday, after briefly approaching $2.98 in the previous session, as renewed geopolitical tensions stoked fears of global supply disruptions. President Donald Trump announced plans to reinstate a blockade on Iranian vessels transiting the Strait of Hormuz and to impose a 20% fee on all other cargo passing through the strategic waterway, amplifying concerns over potential interruptions to energy flows. At the same time, Ukraine stepped up strikes on Russia’s energy infrastructure, targeting oil depots in the Stavropol region and storage facilities at the port of Kavkaz in a bid to undermine Moscow’s war effort. Kazakhstan’s Caspian Pipeline Consortium reported a 7% drop in June shipments, citing maintenance at the Tengiz oilfield and reduced Russian throughput. Further tightening the market, refinery run rates—at roughly 65% of typical seasonal consumption—have contributed to fuel shortages across Russia, prompting authorities to impose a ban on gasoline exports.