From Boston to Denver, US drivers cut back as Iran war pushes fuel costs higher

Rising geopolitical tensions involving Iran have increased concerns over potential disruptions to global oil supplies, contributing to higher crude oil prices. The escalation in risk premium is being transmitted through the oil supply disruption channel, affecting refined fuel costs across major U.S. metropolitan areas including Boston and Denver. This has led consumers to reduce discretionary driving, weighing on near-term gasoline demand and refining margins, particularly impacting U.S. energy equities and downstream operators. Traders are now focused on the upcoming EIA Weekly Petroleum Status Report, which will provide concrete data on gasoline demand and inventory levels, offering insight into the resilience of fuel consumption amid elevated prices.

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