US Gasoline Futures Hit 2-Week High

US gasoline futures rose to around $3.16 per gallon on Wednesday, a two-week high, tracking gains in crude prices as markets assessed the viability of efforts toward a potential deal on the Strait of Hormuz.

Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the waterway, while Iran-Oman talks have reached an advanced stage, according to a Qatari official cited by Al Jazeera.

Meanwhile, API data showed gasoline stocks fell by 1.531 million barrels in the week ending August 7, following a 156,000-barrel increase the prior week.

Elsewhere, escalating Russia-Ukraine attacks raised concerns over further energy disruptions after Ukraine launched a long-range drone strike on a major Russian refinery.

Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its ban on gasoline and diesel exports through January 2027.

At the pump, the EIA raised its retail gasoline price forecast for this year and 2027.