US gasoline futures rose toward $3.20 per gallon, the highest since July 2022, driven by stronger spring demand and higher crude prices amid the ongoing Iran conflict. Brent surged to $108 after Iran reported attacks on some of its energy facilities and threatened retaliation against oil and gas sites in neighboring countries. The strikes represent a further escalation in a conflict that has disrupted global oil supplies, with traffic through the Strait of Hormuz, which carries about a fifth of the world’s oil and LNG, all but halted. The supply squeeze has pushed US pump prices to multi-year highs and fueled inflation concerns. Seasonal factors are also adding pressure as demand rises during spring travel and refineries switch to more expensive summer fuel blends. To ease supply strains, the US plans to release 172 million barrels from reserves as part of a wider global effort, though sustained high prices could weigh on consumer sentiment and the political outlook.
