US Heating Oil Rallies as Crude Recovers

2026-06-25 16:14 By Agna Gabriel 1 min. read

US heating oil prices rose more than 3% to above $3.27 a gallon, mirroring a rebound in crude driven by renewed safety concerns in the Middle East.

The maritime group UKMTO reported that a vessel was struck by an unknown projectile in the Strait of Hormuz off the Omani coast, prompting several commercial ships to reverse course.

This incident stoked anxieties regarding Iran's control over the chokepoint as Tehran and Washington negotiate a permanent end to their war.

Despite these disruptions, Saudi Arabian tankers proceeded toward the Ras Tanura terminal to resume Persian Gulf exports for the first time since March, and Qatar issued its first post-war crude tender.

To contain energy costs, the White House waived the Jones Act and tapped the Strategic Petroleum Reserve.

However, the market remains tight because the US operates as a global supplier of last resort, pushing domestic diesel inventories to seasonal lows.

Prospective Russian export bans could spark further upward pressure.



News Stream
US Heating Oil Rallies as Crude Recovers
US heating oil prices rose more than 3% to above $3.27 a gallon, mirroring a rebound in crude driven by renewed safety concerns in the Middle East. The maritime group UKMTO reported that a vessel was struck by an unknown projectile in the Strait of Hormuz off the Omani coast, prompting several commercial ships to reverse course. This incident stoked anxieties regarding Iran's control over the chokepoint as Tehran and Washington negotiate a permanent end to their war. Despite these disruptions, Saudi Arabian tankers proceeded toward the Ras Tanura terminal to resume Persian Gulf exports for the first time since March, and Qatar issued its first post-war crude tender. To contain energy costs, the White House waived the Jones Act and tapped the Strategic Petroleum Reserve. However, the market remains tight because the US operates as a global supplier of last resort, pushing domestic diesel inventories to seasonal lows. Prospective Russian export bans could spark further upward pressure.
2026-06-25
Heating Oil Falls to Over 3-Month Low
Heating oil futures for delivery in the New York Harbor fell below $3.15 per gallon in late June, hovering near their lowest level since early March, on evidence that oil exports from the Middle East are gradually returning. Satellite data showed that loaded tankers are crossing the Strait of Hormuz as the memorandum of understanding and improved talks between the US and Iran drove both countries to lift their blockade. On top of that, the US remained on track to lift sanction on Iran to unlock fresh sources of energy supply from Western refiners and dollar buyers. Unlike crude oil prices, heating oil futures remained above pre-Iran war levels from late February. Distilling capacity in refiners was hit the hardest from depleted feedstock inventories in Europe and Asia, exemplified by shortages of jet fuel. On top of that, denser crude oil grades from the Persian Gulf, which commonly yield more diesel, were still not at full capacity due to attacks on local refineries.
2026-06-24
Heating Oil Falls to 3-1/2-Month Low as Supply Fears Ease
US heating oil prices fell below $3.20 a gallon, marking their lowest level since early March and a decline of more than 30% from the record high of $4.608 reached on March 20. This downward trend mirrors a sharp retreat in crude prices, driven by increased tanker traffic through the Strait of Hormuz, temporary relief from Iranian sanctions, and the progress of US-Iran peace talks. To contain energy costs, the White House waived the Jones Act and tapped the Strategic Petroleum Reserve. However, the market remains tight because the US operates as a global supplier of last resort, pushing domestic diesel inventories to seasonal lows. Prices are still above the pre-war level of $2.596, and prospective Russian export bans could spark renewed upward pressure. Meanwhile, President Donald Trump ordered a Department of Justice investigation into gasoline prices, which he claims are not falling quickly enough.
2026-06-24