2026.06.1201:10:25UTC+00Gasoline Prices Decline

US gasoline prices slipped below $3.10 per gallon, remaining volatile throughout the week as markets digested shifting developments in the Middle East. President Donald Trump said a peace agreement with Iran could be signed as early as the weekend and called off planned airstrikes following talks with Tehran. His remarks came despite earlier threats against Iran’s oil infrastructure, after hostilities between the US and Iran had intensified earlier in the week. The lack of a definitive deal kept energy markets unsettled and heightened concerns about prolonged supply disruptions. The Strait of Hormuz has remained heavily constrained since March, even as it handles roughly one-fifth of global oil flows. Meanwhile, EIA data showed gasoline inventories rose by nearly 0.2 million barrels in the first week of June, surprising analysts who had expected a 0.5 million barrel draw. Nonetheless, this modest increase followed several weeks of sharp declines, indicating that stocks had been depleted rapidly ahead of the summer driving season.