US gasoline prices eased to about $2.90 per gallon in June, breaking a three-day rally, as markets reacted to a rapidly shifting narrative around US–Iran peace talks. Mediators Qatar and Pakistan, speaking from Switzerland, said both sides had agreed to a 60-day roadmap toward a final deal, with technical negotiations expected to continue through the rest of the week.
However, doubts about the agreement’s durability persisted after local media reported earlier that Iran had suspended the talks in response to renewed threats of military action from President Donald Trump. The pace of developments has left markets focused on how quickly oil shipments through the Strait of Hormuz might return to normal.
A normalization of traffic through the key chokepoint would pave the way for higher crude exports from the region. That, in turn, could coincide with potential adjustments to OPEC+ production policy and a gradual return of Iranian barrels to international markets, increasing feedstock availability for global refineries.
