Gasoline Pushes Back to 4-Year High

Gasoline futures for delivery at the New York Harbor rose above $3.50 per gallon, moving back toward a four-year high, as escalating Middle East tensions fueled fears that energy supply disruptions in the region could persist over a longer period. US President Donald Trump dismissed Iran’s latest proposal to end the conflict, keeping the crucial Strait of Hormuz effectively closed.

At the same time, Israeli Prime Minister Benjamin Netanyahu warned that the conflict with Iran was “not over,” heightening concerns over further military escalation. Shipping activity through the Strait of Hormuz has been halted since early March, disrupting the flow of nearly 20 million barrels per day of crude oil and refined products to major importing countries. Tightening diesel and jet fuel supplies in Europe and Asia have also led major refiners to prioritize distillate production over gasoline, further adding to concerns over fuel availability.