US gasoline futures jump above $3.20 amid stalled Middle East talks
US gasoline futures trade above $3.20 per gallon at a three-week high, while the average US pump price reaches $4.06, as Middle East talks stall and refinery disruptions tighten supply.
US gasoline futures traded above $3.20 per gallon, reaching a three-week high as Middle East peace talks stalled.
Iran warned of further escalation if the US fails to fully implement an interim deal, while the US threatened military action against Oman and demanded Iran’s surrender.
At the pump, the average US gasoline price reached $4.06 per gallon, more than $1 above its level a year earlier.
Elsewhere, repeated Ukrainian strikes on Russian oil refineries triggered a fresh wave of fuel shortages, while Moscow extended its fuel export restrictions.
However, continued crude shipments through the Persian Gulf waterway despite the conflict eased some supply concerns.
US Energy Secretary Chris Wright stated he would work with refiners to boost fuel production and ease prices, stating refiners are operating at record high.
Meanwhile, Russia received at least one gasoline shipment from India, seeking to alleviate domestic shortages.