US gasoline futures rose above $2.90 per gallon on Friday, extending their rebound from a nearly five-week low as renewed tensions in the Strait of Hormuz cast fresh doubt on efforts to fully reopen the vital shipping route. Iranian state media also reported that lawmakers are considering suspending transit rights under the Oman-brokered shipping agreement for vessels linked to the US, Israel, and other countries deemed hostile by Tehran. Adding to supply concerns, Ukraine carried out drone strikes on two Russian oil refineries, including one of the country’s largest in the Yaroslavl region, following a brief lull in late July that had allowed a partial recovery in fuel supplies. Russia’s gasoline and diesel exports plunged 60% in July, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed gasoline inventories fell by 1.64 million barrels in the week ended July 31, leaving stockpiles 7% below the five-year seasonal average.