Gasoline Prices Hover Around $2.90
US gasoline prices remained near $2.90 per gallon, trading just above their lowest level in more than three months after unwinding much of the conflict-driven surge seen over the past quarter. Crude flows through the Strait of Hormuz continued to recover, with shipments exceeding 10 million barrels per day under US military protection, according to a US official. The UAE has also restored exports to pre-war levels by using alternative routes, while Iran’s crude shipments surpassed 40 million barrels after the US ended its naval blockade.
Separately, President Donald Trump hailed progress in negotiations following another round of indirect talks. On the data front, gasoline inventories fell by a larger-than-expected 2.333 million barrels in the week ended June 26. Meanwhile, US Treasury Secretary Scott Bessent pressed oil and gas companies to reduce fuel prices, a day after President Trump urged retailers to cut gasoline prices for consumers.
