FX.co ★ Gasoline Heads for Biggest Monthly Rise Since 2020

US gasoline futures slipped below $3.10 per gallon but remained on course for a monthly gain of more than 30%—the largest increase since May 2020—as markets continued to track developments in the Middle East. President Donald Trump said he would delay action targeting Iran’s energy sector, noting that while Tehran had asked for a seven-day extension, he granted ten days, pushing the deadline to April 6. Analysts said the prolonged ceasefire reduces immediate pressure, but with 8 million barrels per day still offline and crude flows from the Persian Gulf at continued risk, the geopolitical premium is likely to stay elevated. Seasonal demand is also building as spring travel accelerates and refineries transition to more expensive summer-grade fuel blends. Earlier this week, EIA data showed US gasoline inventories fell by 2.6 million barrels, a larger draw than the 2.1 million barrels expected.