Heating Oil Moves Back Toward 3-Month High

2026-07-29 01:07 By Kyrie Dichosa 1 min. read

US heating oil prices rose to around $4.20 per gallon, moving back toward their three-month high, as the resumption of hostilities between Iran and the US revived fears of energy supply disruptions.

Iran launched ballistic missiles at US forces in the Middle East, marking an escalation after a pause in fighting although the US Central Command said all missiles were intercepted.

The US military also conducted strikes with Saudi forces in Iraq targeting Iran-backed militant groups in response to Iranian-directed drone attacks.

In the Strait of Hormuz, Iran rejected Oman’s proposal to split control of shipping routes, insisting the inbound route and part of the outbound route remain under Tehran’s control.

Outside the Middle East, Russia’s fuel crisis has started to ease as refineries resumed operations, but the diesel export ban continues to pressure an already tight diesel market.

Elsewhere, industry data showed distillate stockpiles fell by 125,000 barrels in the week ending July 24.



News Stream
Heating Oil Moves Back Toward 3-Month High
US heating oil prices rose to around $4.20 per gallon, moving back toward their three-month high, as the resumption of hostilities between Iran and the US revived fears of energy supply disruptions. Iran launched ballistic missiles at US forces in the Middle East, marking an escalation after a pause in fighting although the US Central Command said all missiles were intercepted. The US military also conducted strikes with Saudi forces in Iraq targeting Iran-backed militant groups in response to Iranian-directed drone attacks. In the Strait of Hormuz, Iran rejected Oman’s proposal to split control of shipping routes, insisting the inbound route and part of the outbound route remain under Tehran’s control. Outside the Middle East, Russia’s fuel crisis has started to ease as refineries resumed operations, but the diesel export ban continues to pressure an already tight diesel market. Elsewhere, industry data showed distillate stockpiles fell by 125,000 barrels in the week ending July 24.
2026-07-29
Heating Oil Pulls Back
US heating oil prices fell below $4.10 per gallon, pulling back from a more than three-month high as reports of a pause in hostilities between Iran and the US provided some relief from supply concerns. Washington has paused its bombing campaign since late Friday after nearly two weeks of strikes. A senior Iranian official said Tehran would halt attacks if the US also refrains from striking, adding that the message had already been conveyed to Washington. The pause coincided with Omani-mediated talks in Tehran on a provisional arrangement to manage shipping through the Strait of Hormuz, a move that could reduce disruptions to oil flows. Beyond the Middle East, Russian fuel supplies remained constrained, with fewer than half of the refineries damaged by Ukrainian drone strikes back in operation, leaving around 45 million tonnes of annual refining capacity offline. Forecasts of warmer-than-normal weather through August 7 could also support power-sector demand.
2026-07-27
Heating Oil Falls from 3-1/2-Month High
US heating oil prices fell 2.7% to around $4.23 per gallon, retreating from a 3-1/2-month high of $4.34 reached in the previous session, as broader oil markets declined on signs of renewed diplomatic efforts between the US and Iran. Reports indicated that Pakistan, with backing from China, was seeking to restart negotiations, raising hopes of a potential easing in regional tensions. However, the Middle East conflict intensified this week, with US Central Command conducting its 13th consecutive night of strikes on Iran. Outside the region, Russian fuel supplies remain constrained, with less than half of refinery capacity damaged by Ukrainian drone attacks restored, leaving around 45 million tonnes of annual capacity offline. Meanwhile, warmer-than-normal weather forecasts through August 7 could lift power sector demand. EIA data showed distillate inventories, including heating oil and diesel, increased by 1.395 million barrels in the week ended July 17.
2026-07-24