US gasoline futures climbed above $3.20 per gallon to a three-week high as supply risks intensified across multiple regions. Markets reacted to stalled Middle East peace talks, with Iran warning of further escalation if the US does not fully implement an interim deal, while the US threatened military action against Oman and demanded Iran’s surrender. Retail prices also moved higher, with the average US gasoline price reaching $4.06 per gallon, more than $1 above a year-earlier level. Additional pressure came from repeated Ukrainian strikes on Russian oil refineries, which sparked fresh fuel shortages, and from Moscow’s decision to extend fuel export restrictions. Some concerns were tempered by continued crude flows through the Persian Gulf waterway despite the conflict. US Energy Secretary Chris Wright said he would work with refiners to raise fuel production and ease prices, adding that refiners are operating at record high levels. Russia, meanwhile, received at least one gasoline shipment from India to help relieve domestic shortages.