Gasoline Near Lowest in 3 Months

US gasoline prices held below $2.90 per gallon, the lowest since early March, as the US-Iran deal is expected to reopen the Strait of Hormuz and support a return of energy exports from the Middle East. The interim pact, due to be signed on Friday, states that Tehran would receive broad financial incentives, including the immediate right to sell its oil. Still, markets are assessing the durability of the agreement and the timeline for shipping through the Strait to normalize, as many operators may wait several weeks before resuming tanker transits. Producers have also warned that a full recovery could take months, citing technical and geological constraints as well as infrastructure damage. Meanwhile, industry data showed that gasoline inventories rose by 2.48 million barrels in mid-June, reversing the previous week’s 1.19 million-barrel decline.