U.S. Gasoline Futures Breach $3.70 Per Gallon Amid Middle East Supply Disruptions

U.S. gasoline futures surged past $3.70 per gallon, approaching four-year highs set in early May, as Middle East energy supply concerns intensify. According to International Energy Agency data, the Strait of Hormuz remains largely closed, and energy infrastructure in the Persian Gulf faced weekend attacks, disrupting exports from the region since early March. Global crude stockpiles are declining at a record pace, while U.S. gasoline inventories fell for the 13th consecutive week in early May despite slight increases in domestic production, as refineries operate near capacity using Strategic Petroleum Reserve feedstock.