US gasoline futures fell below $3.30 per gallon, pulling back from a three-week high, as traders weighed uncertainty in the Strait of Hormuz against an unexpected increase in domestic inventories. EIA data showed US gasoline stocks rose by 0.688 million barrels in the week ending August 14th, defying expectations for a 1.2 million-barrel draw. Inventories now stand 5% below their seasonal average, compared with 6% below a week earlier.
US Energy Secretary Chris Wright said he would work with refiners to increase fuel production and help ease prices, adding that refineries are already operating at record utilization rates. Even so, diminishing hopes for a swift normalization of conditions in the Strait of Hormuz supported higher oil prices. Trump said no negotiations were underway with Iran and that the waterway remained open, while Tehran maintained that a US naval blockade was still in effect. Tanker activity stayed muted, with only limited traffic through the strategic corridor as shipowners remained cautious.
