US gasoline futures slipped to $3.05 per gallon after briefly touching a near one‑month high of $3.10 on July 8th, as traders reassessed the supply outlook amid renewed US‑Iran tensions in the Middle East. The pullback came after Washington revoked a 60‑day waiver that had allowed Iran to sell oil on global markets and launched retaliatory strikes in response to attacks on American bases, reigniting fears of potential disruptions to crude shipments through the Strait of Hormuz. Those concerns were tempered, however, as selected laden tankers from the UAE continued to load and depart, easing worries that regional exports might grind to a halt. At the same time, the prospect of a crude surplus, driven by faster output growth under higher OPEC+ production quotas, added downward pressure to prices. Still, uncertainty persisted over whether global refineries possess enough capacity to process any resulting excess supply.