Gasoline futures declined to about $3.00 per gallon, extending the previous session’s losses, as growing expectations of potential peace talks between the US and Iran pressured prices. A White House official said a second round of negotiations between Washington and Tehran is under discussion, although no formal timeline has yet been set. Separate reports suggested that President Trump anticipates talks could resume “within the next two days,” while acknowledging that progress has been slow.
Even so, uncertainty remains elevated. The US is moving forward with a naval blockade of the Strait of Hormuz to curb Iran’s oil exports, while Tehran is weighing a temporary suspension of shipments in an effort to avoid further escalation. Underscoring the market impact, the IEA noted that no new energy cargoes have been loaded so far in April and warned that global oil demand could decline this year for the first time since the COVID pandemic.
