Heating oil futures held above $4 per gallon, their highest level since June 2022, amid concerns over prolonged supply disruptions as the war in the Middle East entered its third week. The Trump administration suggested that the war with Iran could last several more weeks, with Trump stating that the US would coordinate with other countries in the region to restore the flow of oil. The conflict has put oil infrastructure at risk and has kept the Strait of Hormuz closed. On Friday, the US carried out strikes on military sites on Kharg Island, a vital Iranian oil export hub responsible for handling around 90% of the country’s crude exports, and warned that the island could be targeted again if Tehran interferes with transit through the Strait.
