04.11.202616:31:11UTC+00Gasoline Drops to Four-Month Low

US gasoline futures hovered around $2.82 per gallon, near a four-month low, as the market balanced diplomatic developments between Washington and Tehran against ongoing supply tightness. Negotiations have helped ease fears of disruptions in the Strait of Hormuz, with shipment flows reportedly returning close to normal.

President Trump indicated he has no immediate plans to launch strikes against Iran following the Democrats’ strong showing in the US midterm elections, pressuring prices as the political outcome could complicate the administration’s foreign policy approach.

Nonetheless, limited US gasoline inventories remain a key concern. EIA data showed a 222,000-barrel draw in the week ending October 30th. Energy Secretary Wright noted that the administration is working with refiners to raise output and bring idled facilities back online, adding that prices peaked in September and are expected to decline further. However, seasonal refinery maintenance and a shift toward increased diesel production ahead of winter may continue to restrict gasoline supply.