FX.co ★ Gasoline Rises to 3-Week High

US gasoline prices climbed back above $3.00 per gallon, hitting a three-week high, as resilient refining margins and tight fuel supplies continued to underpin the market for refined products. Ongoing refinery constraints, combined with solid gasoline demand, kept crack spreads elevated. At the same time, Ukrainian drones struck Russia’s largest oil refinery in Omsk in one of the war’s longest-range attacks, intensifying concerns over the availability of refined fuels.

This strength in gasoline prices stood in sharp contrast to weakness in crude oil, where increased OPEC+ production and improving global supply conditions continued to pressure benchmark prices. Meanwhile, oil and gas flows through the US-protected corridor in the Strait of Hormuz continued to recover, enabling major Persian Gulf producers to raise exports. Saudi Arabia’s shipments moved close to pre-conflict levels as tanker traffic normalized, and the United Arab Emirates likewise restored its export volumes.