FX.co ★ Gasoline Prices Move Higher

US gasoline prices climbed toward $3.30 per gallon, following gains in crude oil, as markets continued to factor in risks to global supply after the recent exchange of strikes between the US and Iran. While both sides have agreed to pause further attacks and permit commercial vessels to transit the Strait of Hormuz ahead of peace talks later this week, according to a US official speaking on condition of anonymity, investor caution persists. The latest escalation interrupted the rebound in oil shipments through the key waterway that had begun after an earlier interim agreement, and many shipowners are still avoiding the route, leaving hundreds of vessels stranded in the Persian Gulf. Heightening regional tensions, Israel reported launching new strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. At the same time, Saudi Aramco has resumed crude loadings at Ras Tanura following an almost four-month suspension.