US gasoline futures climbed above $3 per gallon on Monday, advancing for a third straight session amid continued uncertainty over the reopening of the Strait of Hormuz. Iran indicated it is close to finalizing an agreement with Oman on alternative shipping routes but warned that any reopening of the strategic waterway remains contingent on Washington meeting additional conditions.
Tehran also ruled out direct talks with the United States for the time being, stating it will not negotiate while Washington continues to breach an interim agreement reached in June, despite US claims that a final deal is near. Supply risks were further highlighted by assertions from Iran-aligned Houthi forces that they had targeted Saudi Aramco’s Jazan refinery.
Elsewhere, intensifying hostilities between Russia and Ukraine have heightened concerns over potential further attacks on energy infrastructure, following Ukraine’s recent long-range drone strike on a major Russian refinery. In response, Moscow has extended its ban on gasoline and diesel exports through January 2027.
