Gasoline futures rise near $3.30 amid Iran pressure, Russia war

US gasoline futures rose to around $3.30 per gallon, after holding near $3.25 on Thursday, as traders awaited details of a US campaign to isolate Iran’s economy amid an ongoing conflict disrupting Middle Eastern energy exports.

President Donald Trump announced plans for an economic package to intensify pressure on Iran, potentially involving China, the largest buyer of Iranian crude.

Fuel supply concerns were also heightened by Russia’s war with Ukraine, as Ukrainian strikes on refineries strained fuel availability, prompting shortages and renewed rationing in several regions.

Meanwhile, US gasoline refining margins surged 86% since the start of the conflict, highlighting limited flexibility across refiners.

Average pump prices of regular gasoline remained above $4 per gallon in most US regions, with few exceeding $5.

The EPA is set to end summer gasoline blend requirements early to help ease prices, which averaged $4.10 on August 20th.