US gasoline prices rose above $3.1 per gallon on Monday after briefly dipping toward $2.98 in the previous session, as renewed geopolitical tensions heightened concerns over global supply disruptions.
President Donald Trump announced plans to restore a blockade on Iranian vessels passing through the Strait of Hormuz while also imposing a 20% charge on all other cargo using the waterway, raising fears of disruptions to energy supplies.
Meanwhile, Ukraine intensified attacks on Russia's energy infrastructure, targeting oil depots in the Stavropol region and storage facilities at the port of Kavkaz in an effort to disrupt Moscow's war efforts.
Kazakhstan's Caspian Pipeline Consortium also reported a 7% decline in June shipments due to maintenance at the Tengiz oilfield and lower Russian flows.
Adding to the pressure, reduced refining activity, at roughly 65% of seasonal average consumption, contributed to fuel shortages across Russia, which introduced a ban on exports of gasoline.