13.05.202614:43:19UTC+00Gasoline Holds Near 4-Week High

US gasoline futures traded above $3.65 per gallon, hovering near the four-year high of $3.75 reached on May 4th, as the ongoing tanker blockade in the Persian Gulf continued to disrupt oil and fuel shipments from the region. Tensions between the United States and Iran remained unresolved, with both sides maintaining threats against commercial vessels transiting the Strait of Hormuz. Adding to the uncertainty, US President Trump warned that the current ceasefire had become increasingly fragile, further reducing the prospects for a negotiated settlement. Energy exports from this key producing region have been effectively halted since the first week of March, pushing global oil inventories lower at a record pace, according to the IEA. In parallel, US gasoline stockpiles fell for a 13th straight week in early May, even as production edged higher, as refineries ran at full capacity using crude drawn from the Strategic Petroleum Reserve.