US gasoline futures climbed to around $3.07 per gallon, the highest since July 2022, supported by stronger spring demand and elevated crude prices, which have repeatedly moved above $100 per barrel amid the ongoing conflict in Iran.

Brent has held near $104, with energy markets sharply higher since the war began due to the effective closure of the Strait of Hormuz, a key route for global oil and LNG flows.

The disruption has driven a broad surge in commodities and pushed US pump prices to multi year highs, raising concerns about inflation and economic spillovers.

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.
Source: Trading Economics