Heating Oil Trades at 2-Month High

US heating oil prices rose to around $4.10 per gallon, the highest level in two months, as concerns over deeper supply disruptions intensified. The US continued strikes on Iranian military targets for an 11th consecutive night, while Yemen’s Iran-aligned Houthis threatened attacks on Saudi oil vessels in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia. President Donald Trump also downplayed the chances of imminent negotiations with Iran and threatened expanded strikes. Beyond the Middle East, supply risks extended to the Black Sea, where attacks targeted the Caspian Pipeline Consortium terminal, a key outlet for Kazakhstan’s crude exports. Markets also faced tighter refined fuel supplies from continued Ukrainian attacks on Russian refineries following Moscow’s diesel export ban, while seasonal refinery maintenance and years of refinery closures in the US and Europe added further pressure.


