US gasoline futures climbed above $2.90 per gallon on Friday, extending their rebound from a nearly five-week low as renewed tensions in the Strait of Hormuz raised fresh doubts about efforts to fully reopen this critical shipping artery. Iranian state media reported that lawmakers are weighing a suspension of transit rights, under the Oman-brokered shipping agreement, for vessels tied to the US, Israel, and other countries Tehran classifies as hostile.
Supply concerns were further heightened after Ukraine launched drone strikes on two Russian oil refineries, including one of the country’s largest facilities in the Yaroslavl region. The attacks followed a brief lull in late July that had allowed a partial recovery in fuel supplies. Russia’s gasoline and diesel exports slumped 60% in July, prompting Moscow to extend its gasoline export ban through January 2027.
At the same time, EIA data showed US gasoline inventories fell by 1.64 million barrels in the week ended July 31, leaving stockpiles about 7% below their five-year seasonal average.
