Gasoline Prices Up 2%

US gasoline prices rose about 2% to around $3.0 per gallon on Monday, recovering from the previous session’s losses as mounting US-Iran tensions heightened concerns over fuel supplies. The US launched fresh strikes on Iran after attacking 140 targets a day earlier in retaliation for an IRGC assault on a container ship transiting the Strait of Hormuz. Iran responded by targeting US military facilities in Jordan, Kuwait, Bahrain, and Oman. Although Tehran declared the strait closed until further notice, US Central Command said commercial vessels could continue lawfully transiting the vital shipping lane. The latest escalation dealt a blow to diplomatic efforts, reversing optimism fueled by reports last week that technical negotiations were still underway. Supply concerns were further reinforced by disruptions in Russia, where gasoline production fell to roughly 65% of seasonal average consumption after repeated Ukrainian drone attacks forced major refineries to suspend operations.