Gasoline Hovers Near 3-Month Low

US gasoline prices traded around $2.90 per gallon, hovering just above their lowest level in more than three months amid concerns over a potential global oil supply glut. OPEC+ agreed to raise production quotas by 188,000 barrels per day next month, following similar increases in June and July. While much of the additional supply has yet to materialize, the move underscores the group’s commitment to gradually restoring output as regional conditions continue to normalize. Energy shipments through the US-protected corridor in the Strait of Hormuz also continued to recover, allowing major Persian Gulf producers to ramp up exports. Saudi Arabia’s shipments climbed close to pre-war levels as tanker traffic normalized, while the United Arab Emirates also restored its export flows. Gasoline prices have fallen nearly 10% over the past quarter after Washington and Tehran reached an interim peace agreement.