Gasoline Extends Losses

Gasoline futures fell to around $3.00 per gallon, extending losses from the previous session, as rising expectations of peace negotiations between the US and Iran weighed on prices. A White House official said a second round of talks between Washington and Tehran is being discussed, although no formal timeline has been set. Reports also indicated that President Trump expects negotiations could resume “within the next two days,” while noting that progress has been slow. Despite this, uncertainty remains elevated as the US advances a naval blockade of the Strait of Hormuz to limit Iran’s oil exports, while Tehran is considering a temporary pause in shipments to avoid escalating tensions. Highlighting the impact, the IEA reported that no new energy cargoes have been loaded in April and warned that global oil demand could decline this year for the first time since the COVID pandemic.