US gasoline futures rose above $2.34 per gallon, the highest since August 2024, following gains in broader energy markets as traders braced for a potential response from Tehran after US airstrikes on Iranian nuclear sites. The focus remains on the Strait of Hormuz, a critical chokepoint through which about 20% of global crude flows. While Iran’s Foreign Minister Abbas Araghchi stated that all options are on the table, there have been no confirmed disruptions to physical oil flows yet.
Still, Iran has vowed “everlasting consequences” for the strikes, and Israel has resumed attacks on military targets in Iran. Markets are particularly sensitive to any move by Tehran to block the strait, which could trigger a sharp spike in global energy prices. On the supply side, EIA data showed a 209,000-barrel increase in US gasoline inventories for the week ending June 13, while domestic production fell sharply by 295,000 barrels to 386,000, tightening refined fuel availability and supporting prices.
