Heating oil futures for delivery in New York Harbor fell toward $3.60 per gallon, hitting a five-week low, as traders looked for clearer signals from complex US–Iran negotiations that could lead to a gradual normalization of energy exports from the Middle East. Both sides had recently indicated progress in talks toward reopening the Strait of Hormuz, but renewed hostilities have cast doubt on the viability of a concrete agreement. Exports of distillate products from the region have been largely disrupted since the war began in March, straining refinery operations and pushing heating oil futures to a record $4.60 per gallon that month. Meanwhile, US distillate inventories unexpectedly rose in mid-May, contrasting with a decline in gasoline stocks, suggesting refiners shifted focus toward diesel and jet fuel production amid global shortages of transportation fuels.

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