US gasoline futures fell to $3.35 per gallon from the two-month high of $3.5 on July 23rd, as markets weighed persistent geopolitical risks against signs that oil flows through the Strait of Hormuz were improving.
In the Middle East, oil-shuttling services picked up with data suggesting more barrels are leaving the Persian Gulf through vessels with transponders off, dampening concerns over energy supply.
In the Bab el-Mandeb strait, two Saudi tankers also managed to cross the waterway by going dark.
Meanwhile, EIA data showed US gasoline inventories rose slightly last week, defying expectations for a decline though stocks remained 6% below the five-year seasonal average.
Geopolitical risks nevertheless persisted despite continued mediation efforts by China and Oman to facilitate US-Iran talks.
In Russia, the government extended its diesel and gasoline export ban through January 2027 as fuel shortages persisted following Ukrainian drone strikes that shut another crude distillation unit.