US gasoline futures slipped to $2.82 per gallon, hovering near a four-week low as traders reacted to signs of improving supply. Iran announced it had reached an agreement with Oman on establishing a shipping route through the Strait of Hormuz, fueling expectations of increased energy flows through this critical chokepoint. Iranian officials said a joint statement was in the final stages and that the route is expected to remain in operation for two to four months. They emphasized, however, that the deal does not constitute a full reopening of the Strait. President Donald Trump also noted that talks with Tehran were ongoing.
Even so, supply risks remained in other regions. In Russia, diesel and gasoline exports dropped 60% in July after Ukrainian attacks disrupted refinery operations, leading Moscow to extend its gasoline export ban through January 2027. At the same time, EIA data showed that US gasoline inventories declined by 1.643 million barrels in the week ending July 31, a larger draw than anticipated and leaving stockpiles about 7% below the five-year seasonal average.
