Gasoline Prices Move Higher

US gasoline prices rose toward $3.30 per gallon, tracking gains in crude oil prices, as markets continued to price in risks to global oil supplies after the recent exchange of strikes between the US and Iran. Although both sides agreed to pause further attacks and allow commercial vessels to transit the Strait of Hormuz ahead of peace talks later this week, according to a US official speaking on condition of anonymity, investors remain wary. The latest flare-up disrupted the recovery in oil shipments through the strategic waterway that had followed an earlier interim agreement, while many shipowners continued to avoid the route, leaving hundreds of vessels stranded in the Persian Gulf. Adding to geopolitical tensions, Israel said it launched fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.