US gasoline prices climbed to about $3.37 per gallon, approaching a two-month high, as renewed tensions between Iran and the United States heightened worries about potential disruptions to energy supplies. Iran launched ballistic missiles at US positions in the Middle East, intensifying the conflict after a brief pause; however, US Central Command reported that all missiles were intercepted. The US also conducted joint operations with Saudi forces in Iraq targeting Iran-backed militant groups.
At the same time, Iran rejected an Omani proposal for shared oversight of shipping lanes in the Strait of Hormuz, instead insisting on full control of inbound traffic and partial control of outbound routes. Beyond the Middle East, Russia relaxed gasoline purchase restrictions in several regions as domestic supply conditions improved, though its decision to extend the gasoline export ban through the end of the year continued to constrain global supply. Separately, industry data showed that US gasoline inventories increased by 918,000 barrels in the week ending July 24.
