Heating Oil Falls to 3-Month Low

2026-06-18 02:33 By Kyrie Dichosa 1 min. read

US heating oil prices fell toward $3.10 per gallon in June, reaching their lowest level since early March and shedding almost all of the gains during the Iran conflict, on expectations of a gradual normalization of energy exports from the Middle East.

The US and Iran reportedly signed an interim agreement remotely, with Pakistan’s prime minister said the deal would lead to an immediate reopening of the Strait of Hormuz and an end to the US naval blockade on Iranian ports.

He added that the agreement commits both sides to permanently halt hostilities and opens a 60-day window to negotiate a final settlement on Iran’s nuclear program.

However, President Trump warned that military action could resume if Tehran does not adhere to the terms of the 14-point memorandum of understanding.

Following this, the IEA flagged a potential supply glut next year.

Meanwhile, government data showed that distillate stockpiles, which include diesel and heating oil, rose by 0.951 million barrels in mid-June.



News Stream
Heating Oil Falls to 3-Month Low
US heating oil prices fell toward $3.10 per gallon in June, reaching their lowest level since early March and shedding almost all of the gains during the Iran conflict, on expectations of a gradual normalization of energy exports from the Middle East. The US and Iran reportedly signed an interim agreement remotely, with Pakistan’s prime minister said the deal would lead to an immediate reopening of the Strait of Hormuz and an end to the US naval blockade on Iranian ports. He added that the agreement commits both sides to permanently halt hostilities and opens a 60-day window to negotiate a final settlement on Iran’s nuclear program. However, President Trump warned that military action could resume if Tehran does not adhere to the terms of the 14-point memorandum of understanding. Following this, the IEA flagged a potential supply glut next year. Meanwhile, government data showed that distillate stockpiles, which include diesel and heating oil, rose by 0.951 million barrels in mid-June.
2026-06-18
Heating Oil Holds Near 3-Month Low
US heating oil prices fell toward $3.10 per gallon, trading at their lowest level since early March, as the US-Iran deal is expected to reopen the Strait of Hormuz and facilitate the return of Middle Eastern energy exports. Under the interim pact, which is scheduled to be signed later this week, Tehran would receive broad financial incentives, including the immediate right to sell its oil. Still, markets are assessing the durability of the agreement and the timeline for shipping through the Strait to normalize, as many operators may wait several weeks before resuming tanker transits. Producers have also cautioned that a full recovery could take months, citing technical and geological constraints as well as infrastructure damage. Meanwhile, government data showed that distillate stockpiles, which include diesel and heating oil, rose by 0.951 million barrels in mid-June, compared with expectations for a 0.5 million-barrel decline.
2026-06-17
Heating Oil Hits 3-Month Low
US heating oil prices dropped to about $3.20 per gallon, the lowest level since early March, after the US and Iran reached a deal to end the war, paving the way for a gradual resumption of energy exports from the Middle East. President Donald Trump said the deal was “now complete,” adding that the Strait of Hormuz would reopen without transit fees and sanctions-related restrictions on Iran would be lifted once the agreement is signed on June 19. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement, though he said the text would remain confidential until the official signing ceremony. While this eases concerns for Gulf producers, the path to restoring flows still has hurdles, including mine clearance and how strictly Iran will regulate maritime passage. Producers cautioned that a complete recovery could take months, citing technical and geological constraints and infrastructure damage.
2026-06-15