Gasoline futures fell over 1% to below $3.10 per gallon on Tuesday, trimming gains in the previous session, as hopes of renewed US–Iran talks resurfaced. US Vice President JD Vance said progress now depends on Tehran after weekend talks failed, saying the “ball is in the Iranian court” after Washington set out its terms, and a deal could benefit both sides if US nuclear conditions are met. President Donald Trump also said Iran had reached out through channels, while President Masoud Pezeshkian said Tehran is open to talks provided they remain within international law. The shift followed the US move to begin a blockade of Iranian ports in the Persian Gulf on Monday, threatening oil flows via the Strait of Hormuz, which averaged about 1.7 million barrels per day last month, tightening physical oil and refined product markets further. Meanwhile, an OPEC report showed Gulf Arab output fell sharply in March amid disruptions, raising concerns that recovery could take longer than expected.
