2026.08.0300:57:53UTC+00Gasoline Hits 3-Week Low

US gasoline futures fell toward $3.00 per gallon in early August, declining for a third consecutive session to a three-week low after President Donald Trump called off a planned strike on Iran, easing some concerns over potential supply disruptions in the region. Trump said Saudi Arabia and other key Middle Eastern allies had urged him to suspend the operation in favor of renewed negotiations, while he reiterated his call for the rapid reopening of the Strait of Hormuz. At the same time, Gulf producers continued to pursue alternative export routes, with Turkey and Iraq extending a pipeline agreement, and Iran reporting that talks with Oman on a new route through the Strait of Hormuz were in their final stages. In Russia, the government prolonged its diesel and gasoline export ban through January 2027 as fuel shortages persisted amid ongoing Ukrainian attacks on major oil refineries.