Gasoline prices hovered around $2.45 per gallon, staying near their highest level since July 2024, as markets weighed US plans to insure tankers in the Strait of Hormuz against ongoing supply disruptions in the region. President Donald Trump said the US International Development Finance Corporation would insure vessels to help maintain energy and trade flows, with naval escorts ready if needed. Still, uncertainty persists as hostilities entered a fifth day, with Israeli and US strikes on Iran prompting retaliatory attacks on regional energy infrastructure. Iraq has also cut roughly half of its crude output due to storage limits and blocked exports, risking a halt of nearly 3 million bpd if shipments do not resume. Saudi oil giant Aramco is seeking to redirect some exports through the Red Sea to bypass the Strait of Hormuz. Elsewhere, OPEC+ recently announced it would resume output increases after a Q1 pause, planning a 206,000 bpd rise in April.
