Gasoline Futures Rise Toward 6-Week High
US gasoline futures rose above $2.117 per gallon, the highest in nearly six weeks, driven by rising oil prices and fears of disruption to oil shipments through the Strait of Hormuz amid escalating tensions between Iran and Israel. Concerns are growing over the possibility of Israel striking Iran’s oil industry in retaliation for a missile attack, though President Joe Biden has discouraged such action. Domestically, Hurricane Helene crushed gasoline demand by damaging infrastructure and causing power outages, but supply remained stable. Gas demand dropped significantly to 8.52 million b/d in the week ending September 27th, while domestic gasoline stocks increased slightly, and production averaged 9.6 million barrels per day.