FX.co ★ Gasoline Near Lowest in 3 Months

US gasoline prices remained below $2.90 per gallon, the lowest level since early March, as the anticipated US-Iran agreement is expected to reopen the Strait of Hormuz and facilitate the resumption of energy exports from the Middle East. The interim deal, scheduled to be signed on Friday, stipulates that Tehran will receive broad financial incentives, including the immediate right to sell its oil.

However, markets are still evaluating the durability of the agreement and the pace at which shipping activity through the Strait can return to normal, as many operators are likely to delay tanker transits for several weeks. Producers have also cautioned that a full recovery could take months, citing technical and geological challenges alongside infrastructure damage.

At the same time, industry data indicated that US gasoline inventories increased by 2.48 million barrels in mid-June, offsetting the previous week’s draw of 1.19 million barrels.