US heating oil futures rose nearly 3% toward $3.60 per gallon in early June, paring recent losses amid lingering uncertainty over a potential US–Iran peace deal that could ease supply constraints. The two sides were reportedly proposing adjustments to a draft deal to extend a ceasefire and restore access through the Strait of Hormuz, though meaningful progress remained unclear. Adding to uncertainty, tensions in Lebanon escalated, with Israeli advances and Hezbollah clashes raising spillover risks. Distillate exports from the region have been heavily disrupted since the conflict began in March, straining refinery operations and pushing heating oil futures to a record $4.60 per gallon that month. Reflecting tight supply conditions, US distillate inventories, including diesel and heating oil, fell by 2.107 million barrels in the week ended May 22, larger than the expected 1 million barrel decline.

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