Gasoline Hovers Near 3½-Year Highs

U.S. gasoline futures dipped to around $3.20 per gallon on Monday but remained near their highest level since July 2022, after President Donald Trump intensified pressure on Tehran. He warned via social media that Iran could face significant repercussions, including strikes on critical infrastructure such as power plants and bridges, if the Strait of Hormuz remains closed.

His remarks follow last week’s national address, in which he suggested the conflict might continue for another two to three weeks. Meanwhile, OPEC+ announced plans to boost output by 206,000 barrels per day in May, though questions remain about how the additional supply will reach global markets while the Strait is blocked. The group also cautioned that repairing infrastructure damaged by Iranian attacks is both costly and slow, likely keeping overall supply constrained.