US gasoline futures have fallen below $2 per gallon, marking a four-week low, as Israel's recent strikes on Iran targeted non-critical infrastructure, sparing vital crude and nuclear facilities.
US gasoline futures drop below $2
This measured approach has alleviated immediate market fears of significant disruptions to supply. Consequently, oil prices have experienced a sharp decline, with WTI crude oil futures plummeting by 6% to approximately $67.50 per barrel.
Further pressure
Adding to the downward pressure on prices, US gasoline stockpiles increased by 900,000 barrels for the week ending October 18, contrary to expectations of a 1.6 million barrel decrease. This unexpected rise in inventories further contributed to the weakening of gasoline prices.
