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

US drivers are reducing fuel consumption amid rising gasoline prices driven by heightened geopolitical tensions involving Iran, which have disrupted global oil supply expectations. The escalation in the region has increased risk premiums in crude oil markets, tightening supply outlooks and boosting Brent and WTI prices through the threat of broader Middle East instability. This supply-side pressure is particularly impacting US refined product markets, where regional refining capacity constraints amplify price sensitivity to global crude cost increases. Energy equities and refined product futures are most exposed, especially those tied to gasoline (RBOB) and inland US delivery points. Traders will watch upcoming EIA petroleum supply data and US retail gasoline demand figures for signals on sustained demand destruction.

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