Heating Oil Holds Near 2-Month High

2026-07-15 01:20 By Kyrie Dichosa 1 min. read

US heating oil prices held around $4.0 per gallon, near the highest level since May 21, driven by intensifying concerns over fuel supplies.

US forces launched fresh strikes on Iranian targets and resumed a naval blockade of Iranian shipping through the Strait of Hormuz.

President Donald Trump warned of further attacks unless Tehran returns to negotiations but also backed away from a proposed 20% charge on shipments through the strait.

Adding to supply concerns, disruptions to Russian energy infrastructure following continued Ukrainian strikes prompted Russia to consider suspending diesel exports, as refinery outages and higher crude costs weighed on domestic fuel availability.

Meanwhile, Kazakhstan’s Caspian Pipeline Consortium cut June shipments by 7% due to maintenance at the Tengiz oilfield and weaker Russian flows.

At the same time, warmer-than-normal temperatures expected through July 28 are likely to sustain elevated fuel demand from the power sector.



News Stream
Heating Oil Holds Near 2-Month High
US heating oil prices held around $4.0 per gallon, near the highest level since May 21, driven by intensifying concerns over fuel supplies. US forces launched fresh strikes on Iranian targets and resumed a naval blockade of Iranian shipping through the Strait of Hormuz. President Donald Trump warned of further attacks unless Tehran returns to negotiations but also backed away from a proposed 20% charge on shipments through the strait. Adding to supply concerns, disruptions to Russian energy infrastructure following continued Ukrainian strikes prompted Russia to consider suspending diesel exports, as refinery outages and higher crude costs weighed on domestic fuel availability. Meanwhile, Kazakhstan’s Caspian Pipeline Consortium cut June shipments by 7% due to maintenance at the Tengiz oilfield and weaker Russian flows. At the same time, warmer-than-normal temperatures expected through July 28 are likely to sustain elevated fuel demand from the power sector.
2026-07-15
Heating Oil Rises to 7-Week High
Heating oil in the US climbed toward $3.90 per gallon, the highest since late May, as concerns over fuel supplies increased. President Donald Trump said the US would reinstate a naval blockade on Iran and impose a 20% reimbursement fee on cargo passing through the Strait of Hormuz, raising fears over disruptions to regional energy flows. Supply concerns were also heightened by disruptions to Russian energy exports, with Ukraine reporting strikes on an oil depot in Stavropol and storage facilities at the port of Kavkaz. Russia said it would suspend diesel exports and become a net importer as repeated Ukrainian attacks and higher crude prices disrupted operations at key refineries. Meanwhile, Kazakhstan’s Caspian Pipeline Consortium reduced shipments by 7% in June due to maintenance at the Tengiz oilfield and lower Russian flows. At the same time, warmer-than-normal weather forecasts through July 28 are also expected to keep power sector fuel demand elevated.
2026-07-13
Heating Oil Rises 3%
US heating oil futures rose about 3% toward $3.70 per gallon on Monday, recouping losses from recent sessions as escalating hostilities between the US and Iran heightened concerns over fuel supplies. The US launched another wave of strikes on Iran on Sunday after hitting 140 targets a day earlier in response to an IRGC attack on a container ship in the Strait of Hormuz. Iran retaliated by targeting US military facilities across Jordan, Kuwait, Bahrain, and Oman. While Tehran claimed it had closed the Strait of Hormuz until further notice, US Central Command maintained that the strategic waterway remained open to lawful shipping. The latest flare-up further dimmed hopes for diplomacy after reports last week indicated technical talks were underway. Meanwhile, Russia said it would suspend diesel exports and become a net importer as repeated Ukrainian attacks and higher crude prices disrupted operations at key refineries, adding to supply concerns.
2026-07-13