US gasoline futures climbed back above $3.20 per gallon, attempting a rebound from a five-week low, as renewed strikes in the Persian Gulf dimmed hopes for a US–Iran agreement that could reopen the Strait of Hormuz. Reports indicated that both sides carried out fresh attacks, deepening uncertainty over the prospects for a durable deal while negotiations continue, with Washington and Tehran still divided on key issues.
Further stoking tensions, the US Treasury imposed sanctions on Iran’s Persian Gulf Strait Authority over an alleged toll-collection scheme in the strait linked to the IRGC. The series of escalations since the conflict began in March has kept energy markets on edge, driving gasoline futures to a four-year high in early May.
On the fundamentals side, industry data showed that US gasoline inventories fell by 3.2 million barrels in the week ending May 22. In a separate development, Russia is reportedly considering restrictions on diesel and jet fuel exports, as refinery operations come under growing strain from intensified Ukrainian attacks.