US Heating Oil Futures Down from Record High

US heating oil futures slipped to around $4.5 per gallon from a record $4.608 in the previous session, tracking a broad pullback across energy markets after President Donald Trump ordered a five day pause on planned strikes against Iranian energy infrastructure following discussions on ending the conflict. Trump said the move came after productive talks, although Iranian sources denied any direct or indirect contact. Energy markets have been highly volatile since the war began, with the Strait of Hormuz, which normally carries about 20% of global oil, largely blocked. Efforts to ease supply pressures include a record 400 million barrel release from strategic reserves by IEA members. Despite the latest decline, US heating oil futures remain up more than 70% this month after surging to unprecedented highs above $4.6 on March 20.

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.

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.