FX.co ★ US Gasoline Futures Rises to 10-Month High

U.S. gasoline futures have surpassed $2.34 per gallon, reaching the highest levels observed since August 2024, in tandem with gains in the broader energy market. This trend emerged as traders anticipated potential reactions from Tehran following U.S. airstrikes on Iranian nuclear facilities. Attention remains focused on the Strait of Hormuz, a vital chokepoint through which approximately 20% of global crude oil passes. Although Iran's Foreign Minister, Abbas Araghchi, declared that all options are being considered, there are currently no confirmed disruptions to the physical flow of oil. Nevertheless, Iran has pledged "everlasting consequences" for the strikes, and Israel has continued its military actions against targets in Iran. The markets are especially sensitive to any actions by Tehran that might obstruct the strait, as such moves could provoke a sharp increase in global energy prices. Regarding supply, the Energy Information Administration (EIA) reported a 209,000-barrel increase in U.S. gasoline inventories for the week ending June 13. However, domestic production experienced a significant decline of 295,000 barrels to 386,000, resulting in tighter availability of refined fuel and supporting higher prices.