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US gasoline prices climbed above $3.40 per gallon, a two‑month high, amid mounting concerns over tightening fuel supplies. The US carried out strikes on Iranian targets for an 11th consecutive night, while Yemen’s Iran‑aligned Houthi movement threatened Saudi oil tankers in the Bab el‑Mandeb Strait and announced a blockade of Saudi Arabia. President Donald Trump also ruled out near‑term negotiations with Iran and warned of broader military action.
Beyond the Middle East, additional supply risks emerged in the Black Sea after attacks on the Caspian Pipeline Consortium terminal, a critical conduit for Kazakhstan’s crude exports. At the same time, ongoing Ukrainian strikes on Russian energy infrastructure continued to disrupt refinery operations. Stronger margins for diesel and jet fuel further incentivized refiners to scale back gasoline production.
Against this backdrop, industry data showed that gasoline inventories fell by 1.379 million barrels in the week ending July 17. At the pump, the average US gasoline price rose back above $4 per gallon.
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