US gasoline futures hovered near $3.18 per gallon, a more than two-week high, as crude shipments through the Strait of Hormuz slowed and US-Iran negotiations stalled. The outlook for a peace agreement remains dim after President Trump signaled plans to intensify economic pressure on Tehran, while Treasury Secretary Scott Bessent indicated that new sanctions could be announced this week.
At the same time, additional vessels came under attack in the key shipping route late last week, including tankers linked to Abu Dhabi National Oil Co. Despite these disruptions, Middle Eastern producers are still moving substantial volumes of crude through the Persian Gulf.
On another front, repeated Ukrainian strikes on Russian oil refineries have disrupted fuel supplies, leading to gasoline rationing in at least two regions and new restrictions on refined-product exports. In response, Russia has extended its existing diesel export ban until January 2027, keeping pressure on global middle-distillate supplies.
