US gasoline futures rose more than 4% on Monday to above $3.10 per gallon, rebounding from a more than four-week low in the previous session. The move tracked a broader recovery in energy markets as tensions in the Middle East escalated again.
President Donald Trump said a US Navy guided-missile destroyer had disabled an Iranian-flagged cargo vessel in the Gulf of Oman, after which US Marines boarded and took control of the ship. The operation followed reports that Iran had fired on commercial vessels transiting the Strait of Hormuz, and that Tehran had once again closed the strategic waterway. Iranian authorities argued that a US blockade of Iran-linked ships violated a ceasefire set to expire on Tuesday.
The standoff in the Strait of Hormuz is amplifying concerns over a potentially deeper global energy crisis and undermining Trump’s expectations for a swift resolution of the conflict. Supply risks are being compounded by ongoing attacks on Russian refining infrastructure.
