2026.03.0601:29:59UTC+00Gasoline Futures Halts Rally

Gasoline prices slipped about 1% to roughly $2.61 per gallon, pausing their recent rally after President Donald Trump announced imminent measures aimed at easing soaring energy costs. Options under review include releasing crude oil from US strategic reserves, loosening fuel-blending rules, and authorizing the Treasury to trade oil futures.

Even with the pullback, gasoline is still heading for a weekly gain of more than 14%—its strongest advance since February 2023—as escalating tensions in the Middle East have disrupted global energy flows by effectively shutting the Strait of Hormuz. The US-Israeli confrontation with Iran showed no sign of easing, with Tehran launching missile and drone attacks on an oil facility in Bahrain, while US and Israeli forces conducted strikes inside Iran and across the wider region.

In addition, EIA data released earlier this week showed US gasoline inventories declined by 1.7 million barrels, surpassing expectations for a 0.8 million-barrel drop and extending drawdowns into a third consecutive week.