US gasoline futures slipped to about $3.20 per gallon on Monday but stayed close to their highest level since July 2022, as President Donald Trump ratcheted up pressure on Tehran. In a social media post, he warned that Iran could face severe consequences — including potential strikes on key infrastructure such as power plants and bridges — if it continues to keep the Strait of Hormuz closed.
His comments followed a national address last week, in which he suggested the conflict could drag on for another two to three weeks. At the same time, OPEC+ announced plans to raise production by 206,000 barrels per day in May. However, there is lingering uncertainty over how this additional supply will reach global markets while the Strait remains blocked.
The group also warned that repairing infrastructure damaged by Iranian attacks is both expensive and time-consuming, a combination that is likely to keep overall supply tight.