U.S. gasoline futures remained above $2.90 per gallon, holding a two-day rally near their highest level since July 2022, as investors brace for further turmoil with Iran vowing to keep the critical Strait of Hormuz closed. Iran’s new Supreme Leader Mojtaba Khamenei warned it could open other fronts if US and Israeli attacks continue, while reports indicate Tehran has begun laying mines in the passage, further raising shipping risks. At the same time, President Donald Trump posted that preventing Iran from developing nuclear weapons and limiting its regional threats is a higher priority than concerns about oil prices. Since the conflict began, tankers have been unable to load from the Gulf, disrupting about 20% of global oil trade. The IEA called it the largest disruption to global oil output on record, while their recent efforts to curb energy costs have done little to slow the energy rally. For the week, gasoline is heading for a second consecutive gain.
