US gasoline futures traded above $3.06 per gallon, as traders weighed fresh US-Iran hostilities against expectations of easing pump prices. President Donald Trump is expected to meet U.S. oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity. Goldman Sachs has warned of tightness in global refining, with prices of refined products far outpacing gains in crude. Meanwhile, gasoline inventories fell 2.536 million barrels in the week ending August 21st. Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend and August on track to be the most expensive on record near $4 a gallon, according to AAA. Geopolitical tensions have also taken nearly 10% of global refinery capacity offline, with Russian refining near multi-year lows, while fresh strikes between the U.S. and Iran around the Strait of Hormuz kept operators cautious about transiting the waterway.