US gasoline futures hovered around $3.20 per gallon, on track for a record monthly gain of more than 30%, closely tracking the rally in crude as disruptions persist across roughly one-fifth of global oil transit. The supply shock is being driven primarily by the near shutdown of the Strait of Hormuz, and is further compounded by Houthi threats in the Red Sea, which are heightening the risk of interruptions along another key maritime corridor. Together, these pressures risk further tightening energy flows out of the Middle East, placing two of the world’s most critical trade arteries under severe strain.
While reports of potential negotiations surfaced during the month—including recent signals that President Trump is prepared to halt the military campaign in Iran even if the Strait remains largely closed—market sentiment stayed cautious. Seasonal factors also underpinned prices, as spring travel demand strengthened and refineries began the shift to more expensive summer-grade fuel blends.
