FX.co ★ US Gasoline Resumes Rally

US gasoline futures rose toward $3.20 per gallon, resuming their upward trend after a brief pause in the previous session, as strikes on key energy facilities in the Middle East intensified concerns over supply disruptions. Iran has targeted a major LNG export hub in Qatar as part of a broader campaign against regional energy infrastructure, launched in response to attacks on its large South Pars gas field. This marks a sharp escalation in tensions and has heightened fears of prolonged interruptions to energy flows, with traffic through the Strait of Hormuz—through which roughly 20% of the world’s oil and LNG is shipped—still at a standstill. Seasonal demand is adding further pressure as spring travel increases and refineries transition to more costly summer-grade fuel blends. In an effort to ease supply bottlenecks, the US is implementing a 60-day Jones Act waiver and releasing 172 million barrels from strategic reserves as part of a coordinated international response.