Heating Oil Rises for Fourth Session

2026-08-10 01:28 By Kyrie Dichosa 1 min. read

US heating oil futures rose to around $3.96 per gallon on Monday, gaining for a fourth consecutive session, driven by uncertainty over the reopening of the Strait of Hormuz.

Iran said a deal with Oman to establish new shipping lanes was nearing completion but stressed that the waterway would only reopen if Washington met additional conditions.

Tehran also said it was not engaged in direct negotiations with the US and would not initiate talks while Washington continues to breach an interim deal signed in June, despite US claims that an agreement is near.

Supply concerns were further heightened after Iran-aligned Houthis said they attacked Saudi Aramco’s Jazan refinery.

Meanwhile, Russia and Ukraine have stepped up attacks on each other, raising the risk of further strikes on energy facilities after Ukraine recently carried out a long-range drone attack on a major Russian oil refinery.

Against this backdrop, Moscow extended its gasoline and diesel export ban through January 2027.



News Stream
Heating Oil Rises for Fourth Session
US heating oil futures rose to around $3.96 per gallon on Monday, gaining for a fourth consecutive session, driven by uncertainty over the reopening of the Strait of Hormuz. Iran said a deal with Oman to establish new shipping lanes was nearing completion but stressed that the waterway would only reopen if Washington met additional conditions. Tehran also said it was not engaged in direct negotiations with the US and would not initiate talks while Washington continues to breach an interim deal signed in June, despite US claims that an agreement is near. Supply concerns were further heightened after Iran-aligned Houthis said they attacked Saudi Aramco’s Jazan refinery. Meanwhile, Russia and Ukraine have stepped up attacks on each other, raising the risk of further strikes on energy facilities after Ukraine recently carried out a long-range drone attack on a major Russian oil refinery. Against this backdrop, Moscow extended its gasoline and diesel export ban through January 2027.
2026-08-10
Heating Oil Rebounds
US heating oil futures rose above $3.90 per gallon on Friday, rebounding from an over three-week low, as renewed tensions in the Strait of Hormuz cast fresh doubt on efforts to fully reopen the vital shipping route. Iranian state media also reported that parliament is reviewing a proposal to bar ships linked to the US, Israel, and other countries deemed hostile by Tehran from transiting the Strait of Hormuz under the Oman-brokered shipping agreement until Iran receives compensation for war-related damages. Adding to supply concerns, Ukraine carried out long-range drone attacks on two Russian oil refineries, including one of the country's largest. Russia's gasoline and diesel exports plunged 60% in July, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed distillate fuel inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.
2026-08-07
Heating Oil Trades Near 3-Week Low
US heating oil futures fell below $3.75 per gallon, trading near a three-week low, as traders priced in improved supply prospects. Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz, boosting expectations that more energy exports could flow through the strategic waterway. Iranian officials said a joint statement was being finalized and that the route was expected to remain operational for two to four months. They stressed, however, that the arrangement did not constitute a full reopening of the Strait. President Donald Trump also said talks with Tehran were ongoing. Even so, supply concerns lingered elsewhere. In Russia, diesel and gasoline exports plunged 60% in July after Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed distillate inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.
2026-08-06