Heating Oil Hits 15-week High

US heating oil prices rose above $4.20 per gallon, their highest level since early April, as concerns over broader supply disruptions in the Middle East intensified. Iran-backed Houthi militants claimed they fired missiles and drones at two Saudi oil tankers, raising the risk of a second chokehold on global oil supplies in the Red Sea, adding to the ongoing disruptions in the Strait of Hormuz. President Trump also warned of strikes on Iranian infrastructure in response to any attacks on ships transiting the strait. Attacks on the Caspian Pipeline Consortium's Black Sea terminal further fueled supply concerns. Meanwhile, signs of improving fuel supplies in Russia suggested refinery disruptions may be easing after Ukrainian attacks shifted away from major refining facilities. Elsewhere, EIA data showed that distillate stockpiles, which include diesel and heating oil, rose by 1.395 million barrels in the week ended July 17.

Heating Oil increased to 4.20 USD/Gal, the highest since April 2026. Over the past 4 weeks, Heating Oil gained 32.14%, and in the last 12 months, it increased 73.94%.

US heating oil prices rose above $4.20 per gallon, the highest level since early April, as concerns over deeper supply disruptions intensified. The US continued strikes on Iranian military targets for an 11th consecutive night, while Yemen’s Iran-aligned Houthis threatened attacks on Saudi oil vessels in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia. President Donald Trump also downplayed the chances of imminent negotiations with Iran and threatened expanded strikes. Beyond the Middle East, supply risks extended to the Black Sea, where attacks targeted the Caspian Pipeline Consortium terminal, a key outlet for Kazakhstan’s crude exports. Markets also faced tighter refined fuel supplies from continued Ukrainian attacks on Russian refineries following Moscow’s diesel export ban, while seasonal refinery maintenance and years of refinery closures in the US and Europe added further pressure.