US gasoline futures fell below $3.00 per gallon in early August, hovering near a three-week low as traders focused on tensions and shipping developments in the Strait of Hormuz. President Donald Trump described his latest offer of talks as Tehran’s “last chance” and reiterated his confidence that the critical maritime chokepoint would fully reopen.
Iran, while denying any direct negotiations with the United States, reported progress in discussions with Oman aimed at increasing traffic through the strait. At the same time, Gulf producers moved ahead with alternative export routes: Turkey and Iraq renewed a key oil pipeline agreement, and Kazakhstan resumed crude shipments via the Caspian Pipeline Consortium after a temporary halt.
In Russia, the government extended its ban on diesel and gasoline exports through January 2027, as domestic fuel shortages continued amid ongoing Ukrainian attacks on major oil refineries.
