Gasoline futures for delivery in New York Harbor edged down to $3.57 per gallon on Friday, as prospects for a resolution to the U.S.-Iran conflict improved after Pakistani officials confirmed that Iran had submitted a revised peace proposal. Nonetheless, prices remained close to a four-year high, with ongoing supply disruptions in the Middle East continuing to constrict feedstock availability for refiners.
The naval blockade of the Strait of Hormuz, in place since early March, has been disrupting roughly 20 million barrels per day of oil and refined products destined for major importing countries. At the same time, jet fuel and diesel shortages in Europe and Asia have prompted refiners to prioritize distillate output over motor gasoline, intensifying supply risks. In the United States, gasoline inventories fell by 6.1 million barrels in the week ending April 24, far exceeding expectations for a 2.1 million-barrel draw and marking the eleventh consecutive weekly decline. Prices have climbed nearly 13% over the course of April.
