NEW YORK, Feb 3, 2026, 06:46 EST — Premarket
RBOB gasoline futures, the key U.S. wholesale gasoline benchmark, climbed 0.9 cent—or roughly 0.5%—to $1.8601 a gallon on Tuesday, following a $1.8514 close in the prior session.
This shift is crucial since gasoline directly hits consumer budgets and inflation measures, yet it moves with the headlines driving crude oil. After oil prices fell on Monday, traders are on alert for knock-on effects in wholesale fuel costs and, down the line, at the pump.
Crude prices steadied after dropping more than 4% on Monday, with Brent sitting at $66.37 a barrel and U.S. West Texas Intermediate at $62.27. Traders grappled with signs of easing U.S.-Iran tensions alongside a stronger dollar. The sharp selloff followed Donald Trump’s remark that Iran was “seriously talking” with Washington, combined with OPEC+’s decision to keep March output unchanged. Kelvin Wong, senior market analyst at OANDA, pointed to a “geopolitical risk premium” fueling recent volatility tied to intermittent Iran threats. Reuters
On Tuesday, the U.S. average price for regular gasoline ticked up to $2.883 a gallon, slightly above Monday’s $2.875, according to AAA. Diesel climbed to $3.630 from $3.608 the day before. The regular gas price was mostly steady compared to last week’s $2.888, and remained roughly 22 cents lower than the $3.098 recorded a year ago, AAA data showed.
Retail math remains complicated. Pump prices factor in taxes, blending fees, and distribution costs, often trailing futures shifts by days or even weeks.
Crude’s direction remains key. When traders shed a war premium, wholesale gasoline tends to drop along with oil. The decline at the pump, however, often trickles down slowly and in increments.
The risk remains that the calm could break. Any unexpected disruption—whether diplomatic, logistical, or operational—could swiftly tighten supply and drive RBOB prices higher, while a rise in U.S. gasoline inventories would have the opposite effect.
Wednesday, Feb. 4, after 10:30 a.m. ET, brings the latest U.S. Energy Information Administration weekly petroleum status report, offering new data on crude and fuel inventories.
