US gasoline futures declined to about $3.20 per gallon, falling for a third straight session, following reports that Iran and Oman had discussed an interim arrangement to resume shipping through the Strait of Hormuz. The proposal envisions a temporary maritime corridor to facilitate vessel traffic through the key oil chokepoint, while subsequent negotiations are expected to focus on permanent transit lanes, traffic management, information-sharing mechanisms, and broader maritime security.
At the same time, the latest US measures targeting Iran were milder than many had expected, as Washington stopped short of imposing secondary sanctions on Iran’s trading partners. Meanwhile, US refineries have been running above 95% of capacity for more than 11 weeks— the longest sustained period in over 25 years—supporting higher fuel production at a time when global supplies face multiple disruptions.
Even so, gasoline inventories remain roughly 5% below their five-year average, highlighting ongoing tightness in the fuel market.
