Heating Oil Falls for Third Session

US heating oil futures fell toward $4.0 per gallon in early August, extending losses for a third straight session, as President Donald Trump canceled a planned attack on Iran. Trump said Saudi Arabia and other key Middle Eastern allies had urged him to halt the planned strikes and resume negotiations, while continuing to press for the swift reopening of the Strait of Hormuz. The development provided some relief after days of escalating tensions, easing concerns over supply disruptions. Meanwhile, Gulf producers continued to pursue alternative export routes, with Turkey and Iraq extending a pipeline agreement, while Iran said talks with Oman on a new route through the strait were in their final stages. Separately, Russian diesel supplies remained constrained by ongoing Ukrainian attacks on major oil refineries, prompting Moscow to extend its diesel and gasoline export ban through January 2027.





