FX.co ★ Gasoline Futures Edge Higher

Gasoline futures inched above $3.30 per gallon on Tuesday, hovering near their highest level since July 2022, as investors weighed President Trump’s deadline for Iran against last-minute ceasefire diplomacy. Trump warned he would target Iran’s energy and transport infrastructure within 24 hours if the Strait of Hormuz is not reopened, a threat that overshadowed reports of a proposed 45-day ceasefire. That proposal, advanced by mediators in US-Iran talks as a near-deadline effort to calm tensions, was rejected by Iran, which instead called for a permanent settlement and relayed its own conditions through intermediaries. Trump also dismissed the temporary truce as “not good enough,” though he acknowledged it as an important step. Meanwhile, OPEC+ agreed to raise output by 206,000 bpd in May, but disruptions stemming from the Strait’s closure and damage to key infrastructure could restrict how much additional supply actually reaches global markets.