Heating Oil Hovers at Highest Since 2022

2026-03-13 01:55 By Kyrie Dichosa 1 min. read

Heating oil futures held above $3.90 per gallon, remaining near their highest level since June 2022, as markets braced for further turmoil in the Middle East.

President Donald Trump warned Iran of additional strikes after Supreme Leader Mojtaba Khamenei said the Strait of Hormuz would stay closed and could open other fronts if US and Israeli attacks persist.

Meanwhile, the US moved to ease supply concerns by issuing a 30-day license allowing countries to purchase Russian oil and petroleum products stranded at sea.

Treasury Secretary Scott Bessent also urged forming an international coalition to escort tankers through the Strait “as soon as militarily feasible.” This follows coordinated IEA releases of unprecedented reserves, which have done little to slow the energy rally.

Gasoline is on track for a second consecutive weekly gain.



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