2026.03.1115:09:15UTC+00Gasoline Surges Toward Near 4-Year High

Gasoline futures for delivery at New York Harbor climbed back above $2.70 per gallon, extending their rally toward the near four-year high of $2.95 reached on March 9th, as the war in the Persian Gulf continued to disrupt regional supplies. Iran intensified its strikes against GCC members and Israel, while US forces maintained attacks on Iranian targets, undermining earlier signals from US President Trump that the conflict might be nearing an end.

Escalating strikes and threats prompted Saudi Arabia, the UAE, Qatar, and Bahrain to shut down operations at key refineries, driving a sharp increase in crack spreads worldwide. At the same time, crude and product exports from the Persian Gulf were effectively halted, as tankers avoided transiting the Strait of Hormuz due to heightened risk.

Gains in gasoline prices were tempered by a coordinated release of 400 million barrels from strategic reserves by IEA member countries. In addition, US crude inventories fell by more than three million barrels last week, marking the steepest weekly drawdown since October of last year.