Heating Oil Hits Two-Week High

2026-04-23 01:29 By Kyrie Dichosa 1 min. read

US heating oil futures rose above $3.90 in April gaining more than 15% over the past three sessions and hitting a two-week high amid tightening supply conditions for refiners, driven by the prolonged Middle East conflict.

The US and Iran remained in a standoff over the Strait of Hormuz after failing to resume peace talks, with Washington maintaining a naval blockade on vessels to and from Iranian ports.

Since the blockade began, US forces have intercepted and boarded ships while turning back dozens attempting to enter Iranian waters.

Iran has also restricted passage through the strait, with reports of gunfire on commercial vessels this week.

The escalating tensions have reduced oil flows from major Persian Gulf producers, as the chokepoint accounts for roughly a quarter of global seaborne oil trade.

Meanwhile, EIA data showed distillate stocks, including diesel and heating oil, fell by 3.4 million barrels last week, exceeding expectations for a 2.5 million barrel draw.



News Stream
Heating Oil Hits Two-Week High
US heating oil futures rose above $3.90 in April gaining more than 15% over the past three sessions and hitting a two-week high amid tightening supply conditions for refiners, driven by the prolonged Middle East conflict. The US and Iran remained in a standoff over the Strait of Hormuz after failing to resume peace talks, with Washington maintaining a naval blockade on vessels to and from Iranian ports. Since the blockade began, US forces have intercepted and boarded ships while turning back dozens attempting to enter Iranian waters. Iran has also restricted passage through the strait, with reports of gunfire on commercial vessels this week. The escalating tensions have reduced oil flows from major Persian Gulf producers, as the chokepoint accounts for roughly a quarter of global seaborne oil trade. Meanwhile, EIA data showed distillate stocks, including diesel and heating oil, fell by 3.4 million barrels last week, exceeding expectations for a 2.5 million barrel draw.
2026-04-23
Heating Oil Extends Gains
Heating oil futures rose above $3.80 per barrel on Wednesday, extending a two-day advance, as US–Iran peace talks faltered and President Trump maintained a blockade of the Strait of Hormuz despite extending a ceasefire with Iran. Trump said the truce would continue until Iran submits a “unified proposal” to end the war with the US and Israel. The move followed reports that Vice President JD Vance’s Pakistan trip for Iran talks was postponed, while Tehran, via a Pakistani intermediary, told US counterparts it would not join further talks. Since the conflict with Iran began in late February, crude and refined product flows from the Persian Gulf have fallen by about 13 million bpd, according to IEA. Meanwhile, API data showed distillate stockpiles, which include diesel and heating oil, decreased by 3.40 million barrels last week. Elsewhere, warmer-than-normal temperatures through April 30 could also weigh on heating and cooling demand.
2026-04-22
Heating Oil Prices Rise
Heating oil futures jumped nearly 5% to $3.70 per barrel, tracking a broader rebound across energy markets amid a standoff in US–Iran negotiations. It remains unclear whether Iran will join the US for a second round of talks ahead of Wednesday’s ceasefire deadline, while the Strait of Hormuz continues to be largely shut. Since the war with Iran began at the end of February, crude and refined product supplies from the Persian Gulf have been reduced by roughly 13 million barrels per day, according to the International Energy Agency. However, major oil traders have warned that demand destruction linked to the Iran conflict is likely to deepen while warmer-than-normal temperatures through April 30 could dampen both heating and cooling demand.
2026-04-21