Latest from RobotFX: important news impacting currency trading.
US gasoline futures climbed to $3.06 per gallon on Tuesday, extending their rally to reach the highest level since July 2022, as investors continued to monitor developments in the Middle East. The move followed a decline of more than 1% on Monday, when sentiment improved on expectations that more oil tankers could transit the Strait of Hormuz and on signs that advanced economies might release additional strategic reserves.
While traffic through the strait remains largely stalled because of the ongoing conflict, several tankers successfully passed through the corridor over the weekend. President Trump said the US will soon announce which countries have agreed to join a coalition to escort tankers through the Strait of Hormuz, and Treasury Secretary Scott Bessent noted that the US is allowing Iranian oil tankers to use the waterway.
At the same time, the US is preparing to release the first tranche of crude from its emergency reserves, and the International Energy Agency (IEA) signaled that additional stockpiles could be deployed if needed.
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