19.02.202617:56:09UTC+00Gasoline Rises to Above $2 per Barrel

Gasoline futures for delivery at New York Harbor climbed above $2.00 per gallon in February, reaching their highest level in five months, as rising risk premiums on crude oil shipments pushed up refinery feedstock costs. Geopolitical tensions between the United States and Iran escalated amid reports that Washington could launch military action as early as next week, while Israeli officials publicly pressed for regime change in Tehran. These developments heightened concerns over a potential Iranian blockade of the Strait of Hormuz, a critical chokepoint that handles nearly one-third of global tanker traffic.

At the same time, Ukrainian attacks on Russian refineries disrupted a key source of gasoline output, prompting Russian energy companies to divert more crude oil to export markets instead of producing gasoline. In the United States, weekly data from the EIA showed a 3.2 million-barrel drawdown in nationwide gasoline inventories in the second week of February, far exceeding market expectations for a decline of about 300 thousand barrels.