US gasoline futures slip for third session near $3.20/gal
US gasoline futures fell for a third consecutive session to around $3.20 per gallon, after reports of an Iran-Oman interim plan to resume Strait of Hormuz shipping and less aggressive US measures.
US gasoline futures fell to around $3.20 per gallon, declining for a third consecutive session, after reports that Iran and Oman had discussed an interim plan to resume shipping through the Strait of Hormuz.
The proposal calls for a temporary maritime route to support vessel traffic through the key oil chokepoint, while further talks are expected to address permanent transit routes, traffic management, information sharing and maritime security.
At the same time, Washington’s latest measures targeting Iran were less aggressive than anticipated, with the US refraining from imposing secondary sanctions on Iran’s trading partners.
US refineries have now operated above 95% of capacity for more than 11 weeks, the longest sustained stretch in over 25 years, helping bolster fuel output as global supplies face disruptions.
Still, gasoline inventories remained around 5% below the five-year average, underscoring continued tightness in the fuel market.