FX.co ★ Gasoline Rebounds from 3-Month Low

Gasoline futures for delivery in New York Harbor hovered around $2.97 per gallon, just above the three‑month low of $2.88 reached on June 16th, as markets evaluated how quickly Middle Eastern supply might return. The United States and Iran postponed the start of a peace agreement that included a memorandum to restart crude oil exports from the Persian Gulf. Reports suggested that supertankers were already heading toward the Strait of Hormuz, while Qatar, Bahrain, and Kuwait were reviewing plans to expand production capacity. The additional supply is expected to replenish refineries worldwide, supported by higher OPEC+ export quotas and increased output from the UAE, which exited the cartel during the conflict. The agreement is also set to remove US sanctions on Iran, boosting supply from the major producer. Iranian output is likely to help rebuild Chinese oil stockpiles, which have been drawn down in recent months as the world’s largest importer held back on purchases to avoid driving prices even higher.