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US heating oil futures traded around $4.28 per gallon, holding most of their losses from the previous session, as markets assessed intensified US economic pressure on Iran aimed at reopening the Strait of Hormuz. The Trump administration announced plans to impose secondary sanctions on entities facilitating Iran’s economy as part of a new campaign dubbed “Operation Economic Outcast.” Treasury Secretary Scott Bessent said the US was targeting Iran’s financial connections globally and urging other countries to cease economic ties with Tehran. Still, markets remain uncertain whether the measures will ease Iran’s grip on the key waterway or instead prolong disruptions. Meanwhile, elevated diesel refining margins and low US distillate inventories highlighted persistent tightness in refined-product markets, with stocks around 12–13% below the five-year average ahead of the fall maintenance and winter heating season.
