FX.co ★ Gasoline Prices Retreat

US gasoline prices eased to about $3.28 per gallon on Monday, pulling back from a two-month high, as signs of a pause in hostilities between Iran and the United States eased supply fears. A senior Iranian official indicated that Tehran would stop its attacks if Washington also refrains from further strikes, noting that this position had already been communicated to the US. Washington has not carried out bombing operations since late Friday, raising hopes for a broader de-escalation.

Nevertheless, uncertainty persisted after Iran-backed Houthi forces claimed strikes on facilities linked to Saudi Aramco in Jizan and Yanbu, although neither Saudi Arabia nor Aramco confirmed the attacks. At the same time, Ukraine shifted its campaign from Russian oil refineries to maritime targets, even as supply concerns remained elevated following earlier attacks that damaged 24 of Russia’s 34 largest refineries.