US gasoline futures traded around $3.27 per gallon, holding onto their previous-session losses as investors weighed intensified US economic pressure on Iran. The Trump administration announced plans to impose secondary sanctions on entities facilitating Iran’s economy as part of a new campaign dubbed “Operation Economic Outcast.” Treasury Secretary Scott Bessent said the US was targeting Iran’s financial connections globally and urging other countries to cease economic ties with Tehran. Still, markets remain uncertain whether the measures will ease Iran’s control of the key waterway or instead prolong disruptions. On the demand side, China’s top refiner Sinopec reported that gasoline consumption fell 8% in the first half of 2026, as higher prices and growing electric-vehicle adoption weighed on demand. Meanwhile, US refineries have been running above 95% capacity for more than 11 weeks, the longest sustained stretch in over 25 years.