US gasoline futures fell to around $3.26 per gallon on Thursday, trimming gains from the previous session as markets weighed mixed geopolitical developments. Iran and Oman reached an agreement on the allocation of their respective shares of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that the deal alone would not be sufficient to reopen the vital waterway. Crude also appeared to be flowing out of the Persian Gulf. Meanwhile, Russia is reportedly preparing to intensify attacks on Ukraine after determining that peace negotiations have reached a dead end, capping the decline. The developments fueled concerns over prolonged Russian refined-product export restrictions, as Ukrainian strikes pushed refinery runs toward multiyear lows. Against this backdrop, EIA data showed US gasoline inventories fell by 2.536 million barrels in the week ending August 21, more than expected, leaving stocks 6% below the five-year average.