2026.06.2501:05:13UTC+00Gasoline Falls to Over 3-Month Low

US gasoline prices continued to fall toward $2.80 per gallon in late June, returning to their lowest level since March amid signs that crude exports from the Middle East were resuming. Tanker-tracking data showed oil carriers once again passing through the Strait of Hormuz after diplomatic progress and a preliminary understanding between the US and Iran prompted both sides to begin easing restrictions.

At the same time, the US advanced toward lifting sanctions on Iran, a move that could add new barrels to global supplies and bolster deliveries to Western refiners. Meanwhile, US gasoline inventories increased by 2.064 million barrels to 216.3 million barrels in the week ending June 19, defying expectations of a 0.6 million-barrel draw. Even so, stockpiles remained about 5% below their five-year average, underscoring that supply conditions were still relatively tight by historical standards. For the month, gasoline prices are on course to record a second consecutive decline.