US heating oil holds above $4.40 on Hormuz tensions
US heating oil futures hold above $4.40 per gallon, near their highest level since early April, as fading hopes of the Strait of Hormuz reopening and a 1.53 million barrel distillate stockpile draw support prices.
US heating oil futures held above $4.40 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.