US gasoline futures slid over 5% to around $2.9 per gallon on Wednesday, reversing gains from the previous session, as prospects of a potential ceasefire in the Middle East raised expectations of easing disruptions to global oil supply. President Donald Trump said the US and Iran are currently in negotiations, despite Tehran denying any direct talks. Reports also indicated that Washington had sent Iran a 15-point plan to end the war. Energy markets have remained volatile since the conflict began, with gasoline still up more than 30% so far this month after recently reaching its highest level since July 2022, driven by supply disruptions in the Strait and the seasonal shift to costlier summer fuel blends. Meanwhile, the Trump administration is reportedly planning to expand summer sales of higher-ethanol E15 gasoline by waiving US volatility requirements.
