FX.co ★ Gasoline Futures Fall to Over 5-Week Low

US gasoline futures fell below $3.10 per gallon, the lowest level in more than five weeks, after Iranian media reported access to an unofficial draft of a potential agreement to end the war with Iran, raising hopes that the Strait of Hormuz could soon reopen. According to state television, the draft memorandum indicates that US forces would ease their naval blockade and withdraw from waters near Iran, while Tehran would resume shipping flows through Hormuz, a critical corridor for roughly 20% of global oil and LNG trade. While no agreement has yet been finalized, markets responded positively to signs that indirect talks between Washington and Tehran are ongoing. US Secretary of State Marco Rubio noted that any peace deal could still take several days to complete. Separately, Russia is reportedly considering restrictions on diesel and jet fuel exports as refinery activity weakens amid intensifying Ukrainian attacks.