Gasoline holds near two-week high as Hormuz deal prospects weigh
US gasoline futures trade around $3.10 per gallon, staying near a two-week high as Strait of Hormuz control claims and EIA inventory signals add uncertainty for energy supply.
US gasoline futures traded around $3.10 per gallon, remaining near a two-week high as markets assessed the prospects of a potential deal over the Strait of Hormuz.
Following President Trumps statement that the US had "total control" over the strategic waterway, Tehran stated the Strait of Hormuz was "under Iran's control and management", adding to uncertainty over the situation.
Meanwhile, EIA data showed US crude inventories recorded their largest weekly increase since early 2023.
However, gasoline stocks fell by 1 million barrels in the week ended August 7th, below expectations, leaving inventories 6% below the five-year seasonal average.
Elsewhere, intensifying Russia-Ukraine attacks heightened concerns over prolonged energy disruptions, after Ukraine targeted major Russian refineries.
Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its gasoline export ban through January 2027.