Gasoline prices remain elevated despite Brent at $71.99 and WTI at $69.23 as Middle East supply normalization lags.
Gasoline prices have failed to decline in line with crude oil, despite Brent falling to $71.99 and WTI to $69.23. Chevron CFO Eimear Bonner attributed the lag to delayed normalization of Middle East oil flows, warning relief at the pump will not be immediate.
Crude prices dropped over 3% recently as Hormuz traffic improved and supply-disruption fears eased. However, renewed U.S.-Iran tensions and tanker attacks near the Strait of Hormuz have reignited concerns, complicating the outlook for lower gasoline prices.
Chevron plans to expand production this year, but pump prices depend on broader supply dynamics beyond current crude benchmarks.