US gasoline prices held near $3.04 per gallon after falling in the previous session, as the United States launched new strikes on Iran. US Central Command described the actions as “self-defense strikes” ordered by President Donald Trump in response to the downing of a US helicopter patrolling the Strait of Hormuz.
The latest military action threatens an already fragile ceasefire in the region and raises doubts about efforts to secure a lasting peace agreement that might allow the strait to reopen. The strategically vital waterway remains effectively closed under a dual blockade imposed by both sides, sharply curbing exports of distillate products from the region.
On the supply side, US gasoline inventories rose by more than 3 million barrels in the final week of May, snapping a 15-week streak of consecutive draws. However, significant withdrawals—around 8 million barrels each—from private crude stocks and the Strategic Petroleum Reserve largely offset the apparent improvement in supply conditions.
