17.03.202610:19:27UTC+00US Gasoline Futures Highest Since July 2022

US gasoline futures rose to about $3.07 per gallon, the highest level since July 2022, driven by stronger spring demand and elevated crude prices. Oil has repeatedly traded above $100 per barrel amid the ongoing conflict in Iran. Brent crude has hovered near $104, with energy markets surging since the onset of the war following the effective closure of the Strait of Hormuz, a critical artery for global oil and LNG shipments.

The disruption has fueled a broad-based rally in commodities and pushed US gasoline prices at the pump to multi-year highs, intensifying concerns over inflation and potential economic spillovers. Seasonal dynamics are adding further upward pressure, as demand typically increases during the spring travel period and refineries transition to more costly summer-grade fuel blends.

In an effort to ease supply tightness, the US plans to release 172 million barrels from its strategic reserves as part of a broader international initiative. Nonetheless, persistently high prices risk undermining consumer confidence and could carry significant political implications.