FX.co ★ Gasoline Prices Decline

US gasoline prices declined toward $3.20 per gallon as traders evaluated the potential for easing supply pressures following President Donald Trump’s claim of an immediate energy ceasefire between Russia and Ukraine. Ukrainian President Volodymyr Zelenskiy said he was awaiting further details of the arrangement, while Russia had yet to issue a response. Trump’s announcement came on the heels of his statement last week that Russia had agreed to increase diesel exports to global markets to help reduce fuel prices, alongside his administration’s temporary relaxation of US sanctions on Russian fuel. At the same time, IEA Executive Director Fatih Birol urged governments to speed up planned diesel releases and consider additional supply measures. However, renewed strikes on Saudi Arabian energy infrastructure and attacks on tankers near the Strait of Hormuz continued to pose risks to regional energy flows. In parallel, oil producers in the Gulf of Mexico were working to restore offshore output after Hurricane Isaias made landfall.