2026.06.2516:17:57UTC+00Gasoline Rebounds Toward $3

US gasoline prices climbed more than 3% to $2.98 per gallon, tracking a rebound in crude oil driven by escalating geopolitical tensions in the Middle East. The maritime security group UKMTO reported that a vessel was hit by an unidentified projectile in the Strait of Hormuz off the coast of Oman, prompting several commercial ships to reverse course. The incident has revived security concerns over this critical shipping chokepoint and heightened fears that Iran could exert greater control over transit as Washington and Tehran negotiate a permanent resolution to their conflict.

Despite the renewed volatility, Saudi Arabian tankers set course for the Ras Tanura terminal to restart Persian Gulf exports for the first time since March, while Qatar issued its first crude oil tender since the end of hostilities.

On the domestic front, US gasoline inventories increased by 2.064 million barrels to 216.3 million barrels, surprising analysts who had expected a draw. Even so, stockpiles remain about 5% below the five-year seasonal average. At the same time, President Donald Trump ordered a federal investigation into why retail gasoline prices have been declining so slowly at the pump.