Overview
- A memorandum between the United States and Iran that aims to end combat and restore shipping in the Persian Gulf has reduced fear of a prolonged supply shock and helped push oil futures lower.
- Global benchmark WTI fell to around $76 per barrel after the memorandum and recent market selling, marking its lowest close in about three months.
- The American Automobile Association reported U.S. average regular gasoline dropped below $4 per gallon as traders priced in a faster return of Middle East supply.
- Japan’s official weekly surveys show a slight rise in domestic pumps for the latest reporting period with regular gasoline at 169.70 yen per liter and diesel at 159.00 yen per liter, reflecting short-term local factors and timing lags from global crude moves.
- Regional gaps persist inside Japan with Tohoku’s average edging up after six weeks of declines and Miyagi recording the lowest prefectural regular price, a sign that retail prices vary by distribution and local market conditions.