US gasoline futures climbed above $3.37 per gallon, hovering near a two‑month high, as renewed tensions in the Middle East and ongoing fuel shortages in Russia tightened the global supply outlook. US and Saudi forces carried out strikes against Iran‑backed groups in Iraq, while Tehran reported attacks on vessels transiting the Strait of Hormuz and on US bases in Jordan. Oil prices moved higher after US President Donald Trump vowed retaliatory action, and sentiment deteriorated further when Iran rejected Oman’s proposal for joint management of the strait, weakening hopes for de‑escalation.
Supply concerns were compounded by Russia’s decision to extend gasoline export restrictions through the end of the year, following Ukrainian drone attacks on Russian refineries that have led to domestic fuel shortages and sharp price increases. At the same time, EIA data showed that US gasoline inventories inched higher last week, defying expectations for a draw, though stockpiles remain 6% below the five‑year seasonal average.
