US Heating Oil Futures Top $4

2026-03-17 10:08 By Agna Gabriel 1 min. read

US heating oil futures climbed above $4 per gallon, the highest level since June 2022, as the war in Iran continues to disrupt global energy supplies, with prices up more than 50% since late February.

The surge is driven by the near closure of the Strait of Hormuz, a key route for about 20% of global oil flows, prompting countries to adopt protectionist measures to keep fuel domestically.

Diesel prices have risen sharply, alongside jet fuel above $200 per barrel and fuel oil nearing $140, increasing costs across transport, agriculture and construction.

Strong reliance on Persian Gulf refining has amplified the move.

China has begun canceling fuel exports while South Korea plans to cap shipments, adding to supply pressures.

Meanwhile, rising heating demand amid cooler forecasts in parts of the US is also supporting prices, raising concerns about broader economic impacts and political pressure on the Trump administration.



News Stream
US Heating Oil Futures Top $4
US heating oil futures climbed above $4 per gallon, the highest level since June 2022, as the war in Iran continues to disrupt global energy supplies, with prices up more than 50% since late February. The surge is driven by the near closure of the Strait of Hormuz, a key route for about 20% of global oil flows, prompting countries to adopt protectionist measures to keep fuel domestically. Diesel prices have risen sharply, alongside jet fuel above $200 per barrel and fuel oil nearing $140, increasing costs across transport, agriculture and construction. Strong reliance on Persian Gulf refining has amplified the move. China has begun canceling fuel exports while South Korea plans to cap shipments, adding to supply pressures. Meanwhile, rising heating demand amid cooler forecasts in parts of the US is also supporting prices, raising concerns about broader economic impacts and political pressure on the Trump administration.
2026-03-17
Heating Oil Prices Rebound
Heating oil futures rose above $4.0 per gallon on Tuesday, rebounding from the previous session’s losses as Iran intensified strikes on oil infrastructure across the Middle East, while several countries rejected President Trump's call to escort tankers through the Strait of Hormuz. Prices had declined 4.4% on Monday on hopes that more vessels would soon be able to transit the strait. Although shipping traffic through the strait remains stalled, several oil tankers were able to pass through over the weekend. India is working to secure safe transit for six vessels, while several other countries are reportedly engaging in diplomatic back-channel discussions with Iran to ensure the protection of their ships. Treasury Secretary Scott Bessent said on Monday that the US is allowing Iranian oil tankers to transit the waterway.
2026-03-17
Heating Oil Decline From June-2022 Highs
Heating oil futures tumbled to below $3.9 per gallon, retreating from their highest level since June 2022 as markets recalibrate following reports that several oil tankers have successfully navigated the Strait of Hormuz over the weekend. This successful transit has alleviated immediate fears of a total and permanent closure of the key waterway, prompting traders to begin unwinding the aggressive war premium built into energy prices. Furthermore, the International Energy Agency has finalized a record release of 400 million barrels from emergency reserves, which is now flowing to markets in Asia and Oceania to act as a liquidity bridge for constrained supplies. The US administration has also issued temporary licenses allowing countries to purchase stranded Russian oil and petroleum products, which is further easing the intense supply scarcity that characterized recent trading sessions.
2026-03-16