Gasoline Hovers Near 7-Week Low in Oil & Companies News 05/06/2026 US gasoline futures hovered around $3.0 per gallon, holding close to a seven-week low, as markets continued to weigh the likelihood of a diplomatic breakthrough in the Middle East. President Trump described ceasefire talks as being in the “final” stages, differing from Iran’s foreign minister, who earlier said negotiations had stalled. The conflicting statements came alongside a sharp escalation in violence earlier in the week. Adding to uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon. The developments extended restrictions on tanker traffic through the Strait of Hormuz, which accounts for about one-fifth of global oil consumption. Meanwhile, US gasoline inventories rose by more than 3 million barrels in the final week of May, ending a 15-week streak of declines. However, draws of around 8 million barrels each from private crude stocks and the SPR tempered the overall improvement in refined product supply. Source: Trading Economics 2026-06-05 hellenicshippingnews... tweet Share