Gasoline Rises to 3-Week High

US gasoline prices rose above $3.0 per gallon, reaching their highest level in three weeks, as resilient refining margins and tight fuel supplies continued to support refined products. Refinery constraints and robust gasoline demand kept crack spreads firm, while Ukrainian drones struck Russia’s largest oil refinery in Omsk, in one of the war’s longest-range attacks, heightening concerns over refined fuel supplies. The support for gasoline prices contrasted with weakness in crude, where higher OPEC+ output and improving global supplies continued to weigh on benchmark prices. Oil and gas shipments through the US-protected corridor in the Strait of Hormuz also continued to recover, allowing major Persian Gulf producers to ramp up exports. Saudi Arabia’s shipments climbed close to pre-conflict levels as tanker traffic normalized, while the United Arab Emirates also restored export flows.