US gasoline futures traded around $3.38 per gallon, close to a five-week high, as geopolitical risks raised concerns about fuel supplies. Diplomatic efforts between Washington and Tehran remained stalled after the US ruled out reviving the terms of a June agreement and said it was not currently negotiating with Iran. Washington imposed new sanctions earlier this week, which Iran called hostile and ineffective. Black Sea shipments also faced increased risks as Russia considered intensifying military pressure on Ukraine after concluding that peace negotiations had reached a dead end. Strikes on Russian refineries pushed refinery runs toward multi-year lows. Separately, EIA (US energy data agency) figures showed gasoline inventories dropped by 2.536 million barrels in the week ending August 21, well above expectations, leaving stocks 6% below the five-year average and highlighting continued tightness in the fuel market.