US gasoline futures were trading at $3.20 per gallon in late May, close to their lowest level in more than a month, as a White House official confirmed an Axios report that US and Iranian negotiators had reportedly agreed to a 60-day memorandum of understanding to extend a ceasefire. However, President Donald Trump has yet to give final approval to the agreement.
Despite the apparent progress, tensions remain elevated. Iran’s armed forces fired missiles at unidentified targets late Thursday local time, while new satellite imagery analysed by CNN showed Iran is regaining access to large quantities of missiles stored in underground facilities.
The gasoline market is also being shaped by tightening US inventories. Gasoline stocks fell for the 15th consecutive week in May.
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