US gasoline futures hovered just below $3.10 per gallon, slipping only slightly after surrendering most of the prior session’s gains, as Israel and Iran agreed to pause mutual attacks following a recent escalation in violence. Israeli Prime Minister Benjamin Netanyahu said Israel is currently halting strikes on Iran but will retaliate if Tehran resumes hostilities, while Iranian media signaled a comparable position. This development sustained hopes for renewed negotiations toward a broader Middle East ceasefire.
At the same time, the Strait of Hormuz remained effectively constrained by a dual blockade involving both Tehran and Washington, sharply curbing exports of distillate products from the region. In the US, gasoline inventories increased by more than 3 million barrels in the final week of May, ending a 15-week streak of declines. However, withdrawals of roughly 8 million barrels each from private crude stocks and the Strategic Petroleum Reserve (SPR) offset some of the apparent improvement in overall supply conditions.
