Heating Oil Eases from 1-Month High

2026-07-09 15:44 By Agna Gabriel 1 min. read

US heating oil futures fell more than 2.5% to $3.56 per gallon on Thursday after surging over 10% in the previous session to the highest level in more than a month, as traders judged that the latest US strikes on Iran were unlikely to trigger a broader conflict.

While security conditions in the Strait of Hormuz have worsened and tanker traffic has slowed, markets are not pricing in a full closure of the vital shipping route.

Investors instead expect energy flows through the Persian Gulf to continue recovering despite renewed hostilities.

Elsewhere, Russia, a major diesel producer, announced it would suspend exports and become a net importer after higher crude prices and repeated Ukrainian attacks disrupted operations at key refineries.

Heating oil prices remain well above pre-conflict levels despite retreating from the record high reached in late March, reflecting persistent concerns over global fuel supplies and refinery output.



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Heating Oil Eases from 1-Month High
US heating oil futures fell more than 2.5% to $3.56 per gallon on Thursday after surging over 10% in the previous session to the highest level in more than a month, as traders judged that the latest US strikes on Iran were unlikely to trigger a broader conflict. While security conditions in the Strait of Hormuz have worsened and tanker traffic has slowed, markets are not pricing in a full closure of the vital shipping route. Investors instead expect energy flows through the Persian Gulf to continue recovering despite renewed hostilities. Elsewhere, Russia, a major diesel producer, announced it would suspend exports and become a net importer after higher crude prices and repeated Ukrainian attacks disrupted operations at key refineries. Heating oil prices remain well above pre-conflict levels despite retreating from the record high reached in late March, reflecting persistent concerns over global fuel supplies and refinery output.
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Heating oil futures in the US climbed above $3.70 per gallon, the highest in over one month, amid mounting threats to supply. Iran and the US exchanged a wave of attacks after the IRGC struck a tanker crossing the Strait of Hormuz, prompting President Trump to negate the validity of the current ceasefire after multiple tankers turned back from crossing the chokepoint. The increase in crude oil prices was exacerbated by soaring crack spreads in distillate fuel as tight refining capacity drove energy companies to hike sales prices. On top of that, major diesel producer Russia announced it would halt exports and shift to an importer, as higher crude prices exacerbated the series of Ukrainian strikes on the country's largest refineries. Heating oil prices had dropped sharply since peaking at a record high of $4.7 after in late March, but recently rebounded to trade over 40% above levels from before the conflict.
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