In this episode, George Maher-Bonnett (Deputy Editor — European Products Report) is joined by Atishya Nayak (Senior Gasoline Reporter - European Products Report) and Jide Tijani (Naphtha Reporter — European Products Report) to examine how the US driving season and the US–Iran conflict are influencing gasoline and naphtha markets in Europe — from exports and arbitrage shifts to blending economics and supply disruptions.Key themesPrice swings: Gasoline–naphtha spread jumped to $270/t in May, a three‑year highEuropean exports to US hit an 11‑month peak as freight costs collapsedDrivers of volatility: US–Iran conflict, summer‑grade transition and rebound in ARA blendingOutlook risk: Tighter VGO supply, weak West African pull and narrowing US arb