Heating Oil Hovers Near April Highs

2026-07-24 01:45 By Kyrie Dichosa 1 min. read

US heating oil prices held above $4.30 per gallon, near their highest level since early April, as the escalating US-Iran conflict spilled into other key shipping routes, heightening concerns over deeper disruptions to energy supplies.

With US strikes on Iran approaching a second week, tensions spread to the Red Sea after President Donald Trump warned Tehran it would be held accountable for any further attacks, following claims by Iran-backed Houthi rebels that they had struck two Saudi oil tankers.

The growing security risks have prompted more tankers to avoid the Bab el-Mandeb Strait, threatening further disruptions to a vital global shipping route.

Further supporting distillate prices, less than half of the Russian refining capacity damaged by Ukrainian drone attacks has been restored, leaving about 45 million tonnes per year of capacity offline.

Even so, fuel supplies in Russia have shown signs of improving after Ukraine shifted its attacks from major refineries to maritime targets.



News Stream
Heating Oil Hovers Near April Highs
US heating oil prices held above $4.30 per gallon, near their highest level since early April, as the escalating US-Iran conflict spilled into other key shipping routes, heightening concerns over deeper disruptions to energy supplies. With US strikes on Iran approaching a second week, tensions spread to the Red Sea after President Donald Trump warned Tehran it would be held accountable for any further attacks, following claims by Iran-backed Houthi rebels that they had struck two Saudi oil tankers. The growing security risks have prompted more tankers to avoid the Bab el-Mandeb Strait, threatening further disruptions to a vital global shipping route. Further supporting distillate prices, less than half of the Russian refining capacity damaged by Ukrainian drone attacks has been restored, leaving about 45 million tonnes per year of capacity offline. Even so, fuel supplies in Russia have shown signs of improving after Ukraine shifted its attacks from major refineries to maritime targets.
2026-07-24
Heating Oil Climbs to 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.
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