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US gasoline futures hovered around $3.38 per gallon, close to a five-week high, as supply concerns deepened amid escalating geopolitical risks. Diplomatic efforts between Washington and Tehran remained stalled after the US ruled out reviving the terms of a June agreement and stated it is not currently engaged in negotiations with Iran. Instead, Washington has increased pressure by imposing new sanctions earlier this week, which Iran criticized as hostile and ineffective.
At the same time, risks to Black Sea shipments have risen as Russia weighs stepping up military pressure on Ukraine, having concluded that peace talks are at an impasse. Strikes on Russian refineries have also driven refinery runs down toward multi-year lows.
In the US, EIA data showed gasoline inventories fell by 2.536 million barrels in the week ending August 21, a much larger draw than expected. Stockpiles now stand about 6% below the five-year average, highlighting persistent tightness in the gasoline market.
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