2026.06.2301:10:05UTC+00Gasoline Prices Hold Below $3

US gasoline prices remained below $3 per gallon, consolidating just above three‑month lows, as progress in US–Iran negotiations bolstered expectations of increased global oil supply. The US Treasury granted a 60‑day license authorizing the production, shipment, and sale of Iranian oil. Both sides cited progress in preliminary talks toward a broader agreement, though key discrepancies persist: Vice President JD Vance claimed Iran had agreed to permit nuclear inspections, a statement Tehran has denied. Even so, the ongoing diplomacy has eased pressure on American motorists, helping to push fuel costs lower, with gasoline prices declining for a sixth consecutive week and now roughly 15% below their May peak. Elsewhere, US refining capacity faced short‑term disruptions, as TotalEnergies’ 238,000 bpd Port Arthur refinery was shut following a lightning‑related outage, and Marathon’s 631,000 bpd Galveston Bay facility was affected by a fire.