US gasoline futures climbed above $3.20 per gallon, hitting a three-week high as peace talks in the Middle East stalled. Tensions rose after Iran warned of further escalation if Washington fails to fully implement an interim agreement, while the US threatened military action against Oman and demanded Iran’s surrender.
At the retail level, average US gasoline prices reached $4.06 per gallon, more than $1 higher than a year earlier. Globally, repeated Ukrainian strikes on Russian oil refineries have triggered a new wave of fuel shortages, prompting Moscow to extend its restrictions on fuel exports.
Some supply concerns were eased by the continued flow of crude oil shipments through the Persian Gulf, despite the regional conflict. US Energy Secretary Chris Wright said he would work with refiners to increase fuel production and help lower prices, noting that refineries are operating at record-high levels.
Meanwhile, Russia has received at least one gasoline shipment from India as it seeks to ease domestic fuel shortages.
