Heating oil near 4-month high as Hormuz shipping slows
US heating oil futures trade near $4.30 per gallon, hovering close to a four-month high as shipping through the Strait of Hormuz slows after tanker attacks and broader Middle East and refinery disruptions.
US heating oil futures traded near $4.30 per gallon, hovering close to a four-month high, as shipping through the Strait of Hormuz slowed following attacks on tankers.
More vessels were attacked in the key passageway late last week, including ships linked to Abu Dhabi National Oil Co.
Still, Middle Eastern oil producers continue to move substantial volumes of crude through the Persian Gulf despite the incidents.
Meanwhile, no peace deal between the US and Iran appears in sight, as President Trump signaled plans to intensify economic pressure on Iran, while Treasury Secretary Scott Bessent said new sanctions could be announced this week.
Elsewhere, frequent Ukrainian strikes on Russian oil refineries have disrupted fuel supplies, prompting gasoline rationing in at least two regions and restrictions on refined-product exports.
Russia has since extended its existing diesel export ban until January 2027, maintaining restrictions on supplies of the middle distillate used in heating oil.