Gasoline Hits 3-Week High

US gasoline prices rose above $3.0 per gallon, trading at a three-week high, after the US launched fresh strikes against Iran in response to a series of attacks on shipping in the Strait of Hormuz. The US Treasury also revoked a sanctions waiver that had allowed Tehran to sell oil, reversing a key element of the interim peace deal with the Islamic Republic. The escalation heightened concerns over renewed disruptions to global energy markets and challenged earlier expectations of a supply glut, which had been fueled by higher OPEC+ quotas and rising output from Middle Eastern producers. Further supporting gasoline prices, refinery disruptions in Russia added to supply concerns after the country’s largest oil refinery in western Siberia and a major gasoline producer halted operations following a Ukrainian drone strike, one of Kyiv’s longest-range attacks of the conflict.