2026.07.0601:44:30UTC+00Gasoline Hovers Near 3-Month Low

US gasoline prices hovered around $2.90 per gallon, remaining just above their lowest level in more than three months amid mounting concerns about a potential global oil supply glut. OPEC+ recently agreed to raise production quotas by 188,000 barrels per day next month, following similar increases in June and July. Although much of this additional supply has yet to reach the market, the decision highlights the group’s commitment to gradually restore output as regional conditions normalize.

Energy shipments through the US-protected corridor in the Strait of Hormuz have also continued to recover, enabling major Persian Gulf producers to ramp up exports. Saudi Arabia’s exports have climbed back toward pre-war levels as tanker traffic returns to normal, while the United Arab Emirates has likewise restored its export flows. Overall, gasoline prices have declined nearly 10% over the past quarter, helped by an interim peace agreement reached between Washington and Tehran.