17.06.202515:17:20UTC+00US Gasoline Futures Rise to 11-Week High

Gasoline futures in the United States have surged to $2.25 per gallon, marking an 11-week high, driven by escalating geopolitical tensions in the Middle East. Prices rose sharply following President Trump's directive for the evacuation of Tehran as hostilities between Israel and Iran continued into a fifth day. Although Iran's export infrastructure remains undamaged, there are growing concerns about potential disruptions in the Strait of Hormuz, a crucial chokepoint for approximately 20% of the world's oil transit. Any significant disturbance in this area could profoundly impact global flows of crude oil and refined fuels. Meanwhile, gasoline consumption in the U.S. has plummeted to 8.26 million barrels per day, down from 9.45 million, according to data from the Energy Information Administration (EIA). At the same time, inventory levels increased by 5.2 million barrels to a total of 228.3 million, and production decreased to 9 million barrels per day, all of which contribute to a bearish outlook, despite it being the summer driving season.