FX.co ★ Gasoline Extends Advance

US gasoline futures rose further to above $3 per gallon, the highest level since July 2022, as traders weighed how long the war in the Middle East might continue to disrupt global supplies. Now in its third week, the conflict has heightened risks to oil infrastructure and kept the Strait of Hormuz closed. Last Friday, the US struck military targets on Kharg Island, a key Persian Gulf hub through which Iran ships about 90% of its oil exports, and warned that the island itself could face additional attacks if Tehran interferes with transit through the Strait of Hormuz. Recent US moves to ease supply concerns—including a 30‑day license allowing countries to purchase stranded Russian oil and petroleum products—and the IEA’s release of unprecedented emergency reserves have so far done little to assuage market fears of prolonged disruptions.