U.S. Gasoline Futures Fall Below $3.60 Per Gallon as Middle East De-escalation Hopes Rise

According to reports, U.S. gasoline futures fell below $3.60 per gallon as of the week ending April 24, as markets bet on Middle East conflict de-escalation. President Donald Trump announced a temporary pause on efforts to guide vessels out of the Strait of Hormuz to create space for final negotiations with Iran aimed at ending the war, while maintaining a blockade on Iranian ports. Secretary of State Marco Rubio stated that the Middle East ceasefire agreement remains in effect and the U.S. military’s initial large-scale operations against Iran have concluded, further stabilizing market sentiment. The U.S. Energy Information Administration reported that for the week ending April 24, gasoline demand increased while inventories declined and production fell slightly.