Gasoline Prices Continue Gains

US gasoline prices extended gains above $3.10 per gallon, driven by concerns that the Iran war could continue and keep disrupting energy supplies as hostilities intensify. The US conducted strikes on multiple targets in Iran, with reports indicating that President Donald Trump warned of additional attacks unless an interim peace deal is reached. Iran was also reported to have carried out missile and drone strikes against US vessels operating in the Strait of Hormuz. These developments have heightened worries over prolonged military escalation and raised doubts about a durable peace agreement. Meanwhile, EIA data showed gasoline inventories rose by almost 0.2 million barrels in the first week of June, defying expectations for a 0.5 million barrel draw. However, this modest weekly build came after several weeks of sharp declines, indicating that inventories have been falling rapidly ahead of the summer driving season.