Gasoline futures fell to around $3.00 per gallon, giving back gains from the previous session, as prospects of further US–Iran peace negotiations outweighed a larger-than-expected draw in inventories. EIA data showed gasoline stocks declined by 6.3 million barrels, compared with expectations for a 2.1 million-barrel drop. Weekly gasoline demand also rose by 0.5 million bpd, while the four-week average increased by 0.1 million bpd. Meanwhile, reports suggest the US and Iran are considering extending their two-week ceasefire to allow more time for negotiations. However, the Strait of Hormuz remains largely closed, with a US naval blockade on Iranian ports continuing to fuel concerns over potential supply disruptions. Iran has also warned it may retaliate against any extension of the blockade by halting shipments through other key waterways.
