US gasoline prices have fallen below $2.90 per gallon, their lowest level since June 26, as easing geopolitical tensions put downward pressure on energy markets. Sentiment improved after Qatar announced that a draft proposal to restart US-Iran negotiations was being circulated, though officials emphasized that no final agreement has been reached. Acting as a key mediator between Washington and Tehran, Qatar said its immediate objective is to secure a short-term arrangement to help de-escalate tensions. Earlier, President Donald Trump postponed planned military strikes on Iran to allow additional time for diplomatic efforts.
Despite the recent pullback, gasoline prices remain more than 30% higher than a year ago, with constrained US refining capacity still limiting fuel supplies and capping the industry’s ability to increase output. In Russia, the government has extended its ban on diesel and gasoline exports through January 2027, as domestic fuel shortages persist amid ongoing Ukrainian attacks on major oil refineries.
