US gasoline futures (contracts tied to future fuel prices) hovered near $3.06 per gallon as traders balanced fresh US-Iran hostilities against expectations that pump prices could ease. President Donald Trump is expected to meet U.S. oil refiners on Tuesday to discuss near-term measures for refining capacity, which is already operating near full capacity. Goldman Sachs has warned of tightening global refining conditions, with refined-product prices rising much faster than crude. Gasoline inventories fell by 2.536 million barrels in the week ending August 21. Strong demand is also supporting prices: heavy driving is expected over Labor Day weekend, while August is on track to become the most expensive month on record at nearly $4 a gallon, according to AAA. Geopolitical tensions have taken nearly 10% of global refinery capacity offline, Russian refining is near multi-year lows, and fresh U.S.-Iran strikes around the Strait of Hormuz have made operators cautious about using the waterway.