FX.co ★ Gasoline Surges After Khamenei Declaration

US gasoline futures jumped more than 5%, climbing above $2.93 per gallon—the highest level since July 2022—as markets reacted to the escalating maritime crisis in the Persian Gulf. Iran’s new supreme leader, Mojtaba Khamenei, declared that the Strait of Hormuz should remain closed in order to pressure international adversaries.

The International Energy Agency has announced its largest-ever coordinated release from emergency reserves—400 million barrels—but the move has done little to reassure traders, who doubt that stockpiles alone can offset the effective loss of 20% of global trade flows.

New projectile attacks on oil tankers in Iraqi waters and near Jebel Ali have further reduced commercial shipping activity and strengthened expectations that no quick resolution is in sight. At the same time, Gulf producers have already cut output as storage capacity approaches its limits, while US officials continue to signal that they are not yet ready to provide naval escorts for tankers transiting the conflict zone.