Heating Oil Attempts Fresh High

2026-03-23 03:59 By Kyrie Dichosa 1 min. read

US heating oil futures rose past $4.60 per gallon, approaching another record high, as threats to energy facilities in the Middle East intensified fears of further supply disruptions.

President Trump gave Iran a 48-hour ultimatum to reopen the Strait of Hormuz or risk US strikes on its power infrastructure, while Tehran warned of retaliatory attacks on critical energy facilities if Washington acted.

Last week, both sides launched a wave of attacks targeting energy infrastructure.

Meanwhile, IEA Chief Fatih Birol said he is coordinating with governments globally and could authorize additional oil stock releases if necessary.

This follows a coordinated release of major emergency stockpiles by the agency, while Washington has also temporarily eased sanctions on Iranian oil at sea.

With no resolution in sight and the strategic chokepoint remaining closed, heating oil prices have soared more than 110% so far this year.



News Stream
Heating Oil Attempts Fresh High
US heating oil futures rose past $4.60 per gallon, approaching another record high, as threats to energy facilities in the Middle East intensified fears of further supply disruptions. President Trump gave Iran a 48-hour ultimatum to reopen the Strait of Hormuz or risk US strikes on its power infrastructure, while Tehran warned of retaliatory attacks on critical energy facilities if Washington acted. Last week, both sides launched a wave of attacks targeting energy infrastructure. Meanwhile, IEA Chief Fatih Birol said he is coordinating with governments globally and could authorize additional oil stock releases if necessary. This follows a coordinated release of major emergency stockpiles by the agency, while Washington has also temporarily eased sanctions on Iranian oil at sea. With no resolution in sight and the strategic chokepoint remaining closed, heating oil prices have soared more than 110% so far this year.
2026-03-23
Heating Oil Holds Near Record Highs
US heating oil futures rose past $4.50 per gallon, hovering near their record high, and were on track for a 12% gain this week and more than 60% so far this month, driven by supply strains tied to the effective shutdown of the Strait of Hormuz. Earlier this week, the Iran war escalated further, with a wave of attacks on energy infrastructure amplifying fears of deeper supply disruptions. Meanwhile, investors assessed signals that the US could lift sanctions on Iranian oil at sea to ease price pressures. Treasury Secretary Scott Bessent said the move could release roughly 140 million barrels of Iranian oil, potentially stabilizing prices over the next 10–14 days. At the same time, President Donald Trump confirmed the US has no plans to send ground troops, while Benjamin Netanyahu indicated Israel would pause further strikes on Iranian energy facilities.
2026-03-20
US Heating Oil Futures Hit Record High
US heating oil futures surged over 6% to record levels near $4.5 per gallon, as strikes on key Middle Eastern energy sites stoked fears of deeper supply disruptions. Iran targeted a major LNG facility in Qatar, part of a broader campaign against energy infrastructure in retaliation for attacks on its massive South Pars gas field. Meanwhile, the latest inventory report revealed that distillate stocks dropped sharply by 2.5 million barrels last week, surpassing expectations and highlighting ongoing supply pressures. These strains are further intensified by the effective shutdown of the Strait of Hormuz and export restrictions imposed by major Chinese and South Korean refiners. To ease supply bottlenecks, the US is temporarily waiving the Jones Act for 60 days and tapping 172 million barrels from strategic reserves as part of a coordinated global effort.
2026-03-19