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US heating oil futures resumed their decline to around $4.20 per gallon on Thursday, after gaining in the previous session, as markets weighed mixed geopolitical developments. Iran and Oman agreed on how to divide their respective shares of the Strait of Hormuz’s waters and related revenues, though Tehran said an agreement with Oman alone would not be enough to reopen the key waterway. Crude also appeared to be moving out of the Persian Gulf. Limiting losses, Russia is reportedly preparing to intensify its attacks on Ukraine after determining that peace negotiations have reached a dead end. The developments raised concerns over prolonged Russian refined-product export restrictions as Ukrainian strikes pushed refinery runs toward multiyear lows. Meanwhile, EIA data showed US distillate stockpiles fell by a larger-than-expected 2.2 million barrels last week, versus expectations for a 1.6 million-barrel decline, pointing to tight inventories.
