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Heating OilMarkets

Heating Oil Hits Over 4-Month High

US heating oil futures rose to around $4.45 per gallon on Tuesday, reaching their highest level since early April, as fading hopes for a near-term resolution to the US-Iran conflict heightened expectations of prolonged supply disruptions from the region. President Donald Trump said he was not interested in extending an agreement with Tehran that technically expired on Monday, while disagreements over the Strait of Hormuz continue to complicate negotiations. Iran is holding separate talks with Oman on managing the waterway, with Trump threatening to bomb Oman if it interferes with a US blockade. Still, continued crude shipments through the Persian Gulf waterway have eased some supply concerns. Elsewhere, frequent Ukrainian strikes on Russian oil refineries have disrupted fuel supplies, prompting gasoline rationing in at least two regions and restrictions on refined-product exports. Russia has since extended its existing diesel export ban until January 2027.

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