US gasoline futures for delivery in New York Harbor traded above $3.15 per gallon, rebounding from the six‑week low of $3 reached on May 29th, as the protracted conflict in the Middle East continued to disrupt supplies of crude and refined products from the region. Iran launched strikes against Bahrain and Kuwait after announcing it would cut communication with mediators seeking an agreement with the US, while the US carried out attacks on Iranian targets. These developments prolonged the naval blockade imposed by both sides, restricting tanker traffic through the Strait of Hormuz, a route that handles roughly one‑fifth of global oil consumption.
In the US, gasoline inventories rose by more than 3 million barrels in the final week of May after 15 consecutive weeks of declines. However, the relief in refined product supply was tempered by an 8 million barrel draw in private crude oil inventories and an additional 8 million barrel withdrawal from the Strategic Petroleum Reserve (SPR).
