Heating Oil Futures Rise

2026-06-08 00:48 By Kyrie Dichosa 1 min. read

US heating oil futures climbed above $3.70 per gallon, recovering from a two-day decline after reports showed that Iran and Israel exchanged fire, putting US efforts to secure a new interim ceasefire with Tehran at risk.

Iran launched a fresh wave of attacks on Israel hours after firing ballistic missiles over the weekend.

Israel retaliated with strikes on military targets in western and central Iran, while explosions were reported in Tehran.

This comes even as President Donald Trump urged both sides to stop fighting and give diplomacy a chance.

The latest developments raise the risk of further military escalation, which could deepen disruptions to Middle Eastern shipping routes and energy exports, intensifying tightness in global distillate markets.

Meanwhile, US distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.



News Stream
Heating Oil Futures Rise
US heating oil futures climbed above $3.70 per gallon, recovering from a two-day decline after reports showed that Iran and Israel exchanged fire, putting US efforts to secure a new interim ceasefire with Tehran at risk. Iran launched a fresh wave of attacks on Israel hours after firing ballistic missiles over the weekend. Israel retaliated with strikes on military targets in western and central Iran, while explosions were reported in Tehran. This comes even as President Donald Trump urged both sides to stop fighting and give diplomacy a chance. The latest developments raise the risk of further military escalation, which could deepen disruptions to Middle Eastern shipping routes and energy exports, intensifying tightness in global distillate markets. Meanwhile, US distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.
2026-06-08
Heating Oil Extends Losses
US heating oil futures fell to around $3.60 per gallon in early June, extending losses from the previous session, as markets weighed the chances of a viable diplomatic resolution in the Middle East. President Trump said ceasefire talks were in the “final” stages and was reportedly reluctant to escalate into a full-scale war with Iran despite recent clashes. This was contrasted by Iran’s foreign minister, who earlier said negotiations had stalled. Adding to the uncertainty, Iran-backed Hezbollah also rejected a US-brokered ceasefire proposal in Lebanon. These developments led to continued constraints on tanker traffic in the Strait of Hormuz, which accounts for about one-fifth of global oil consumption and has remained largely shut since March. Meanwhile, distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.
2026-06-05
Heating Oil Rises for Third Session
US heating oil futures held above $3.80 per gallon in early June, retaining most of its recent advance, as reports of fresh hostilities in the Middle East dashed hopes of a breakthrough in US–Iran negotiations. Both countries carried out new strikes, even as President Donald Trump said Washington remained in talks with Iran on a possible deal to end the conflict, pushing back against Iranian media claims that communications had collapsed. Conflicting reports and ongoing strikes have kept markets on edge, driving volatility in energy commodities. Distillate exports from the region have been significantly disrupted since the conflict began in March, straining refinery operations and pushing heating oil futures to a record $4.60 per gallon that month. Meanwhile, distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.
2026-06-03