US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, following threats to Middle Eastern energy facilities that could further disrupt supply. President Trump gave Iran 48 hours to fully reopen the Strait of Hormuz or face US strikes on its power infrastructure, while Iran threatened retaliation against key energy plants if Washington acted. Last week, both sides launched a wave of attacks targeting energy infrastructure. Meanwhile, IEA Chief Fatih Birol said he is consulting with governments worldwide and that additional oil stock releases could be considered if needed. This follows a recent major release of emergency stockpiles, while Washington has temporarily lifted sanctions on Iranian oil at sea to ease the supply crunch. With the conflict showing no signs of abating and the closure of the strategic chokepoint, gasoline prices have surged more than 90% so far this year.