Heating Oil Retreats

2026-08-24 02:19 By Kyrie Dichosa 1 min. read

US heating oil futures fell to around $4.40 per gallon, retreating from their highest level since early April, tracking a decline in benchmark crude prices as markets await Washington’s announcement of new sanctions on Iran.

Treasury Secretary Scott Bessent is set to outline the measures at a press conference, warning that the US could impose what he described as the “toughest sanctions in history.” President Donald Trump has also threatened penalties on countries that continue trading with Tehran.

The US efforts to isolate Iran could increase the risk of retaliation and deeper disruptions to global energy markets.

Meanwhile, tighter Canadian crude supplies could put upward pressure on refined product prices by constraining refinery feedstock, particularly in the US Midwest, where refiners rely on Canada for around 70% of their crude.

Fuel supply concerns have also intensified after Ukrainian strikes on Russian refineries disrupted production and led to shortages in several regions.



News Stream
Heating Oil Retreats
US heating oil futures fell to around $4.40 per gallon, retreating from their highest level since early April, tracking a decline in benchmark crude prices as markets await Washington’s announcement of new sanctions on Iran. Treasury Secretary Scott Bessent is set to outline the measures at a press conference, warning that the US could impose what he described as the “toughest sanctions in history.” President Donald Trump has also threatened penalties on countries that continue trading with Tehran. The US efforts to isolate Iran could increase the risk of retaliation and deeper disruptions to global energy markets. Meanwhile, tighter Canadian crude supplies could put upward pressure on refined product prices by constraining refinery feedstock, particularly in the US Midwest, where refiners rely on Canada for around 70% of their crude. Fuel supply concerns have also intensified after Ukrainian strikes on Russian refineries disrupted production and led to shortages in several regions.
2026-08-24
Heating Oil Consolidates Near April Highs
US heating oil futures held above $4.45 per gallon, consolidating near their highest level since early April, on fading hopes of the reopening of the Strait of Hormuz. President Donald Trump unveiled a new package of measures, describing it as an unprecedented campaign targeting Iran’s economy. This came after Trump said no talks with Iran were taking place or planned, while asserting that the US naval blockade remained active and that the strait was open. Iran, however, countered that the waterway would remain closed until the US fulfilled its prior conditions. The lack of resolution heightened expectations of prolonged supply disruptions from the region. Tanker flows remained subdued, with limited vessels still passing through the strategic route as shipowners stayed cautious. Meanwhile, EIA data showed that distillate stockpiles, which include diesel and heating oil, fell by 1.53 million barrels in the week ended August 14.
2026-08-20
Heating Oil Extends Advance
US heating oil futures climbed toward $4.50 per gallon on Wednesday, extending gains to their highest level since April, as the deadlock over the Strait of Hormuz heightened concerns about prolonged supply disruptions. President Donald Trump said that no talks with Iran were taking place or planned, asserting that the US naval blockade remained active and that the strait was open after mines were cleared. Iran, however, countered that the waterway would remain closed until the US fulfilled its prior conditions. Traffic through the critical chokepoint came to a standstill over the weekend following attacks on vessels, underscoring persistent security risks to energy shipments. Meanwhile, Ukrainian strikes on Russian oil refineries have disrupted domestic fuel supplies, resulting in gasoline rationing in at least two regions and tighter controls on refined-product exports, with Russia extending its ban on petrol exports until January 2027 and diesel exports until August 2026.
2026-08-19