Heating Oil Extends Losses
US heating oil prices extended losses below $4.60 per gallon as traders assessed President Donald Trump’s claim of an immediate energy ceasefire between Russia and Ukraine. The announcement could ease supply disruptions, although Trump provided few details. This followed his statement last week that Russia had agreed to supply diesel to global markets to lower fuel prices. His administration also temporarily eased US sanctions on Russian fuel, which aimed to curb Moscow’s war revenues. Meanwhile, International Energy Agency Executive Director Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies. These developments overshadowed escalating Middle East tensions, including renewed strikes on Saudi Arabia’s civilian infrastructure and tanker attacks near the Strait of Hormuz. Elsewhere, Gulf of Mexico oil producers were working to restore output at offshore platforms after Hurricane Isaias made landfall.
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60 per gallon as traders assessed President Donald Trump’s claim of an immediate energy ceasefire between Russia and Ukraine. The announcement could ease supply disruptions, although Trump provided few details. This followed his statement last week that Russia had agreed to supply diesel to global markets to lower fuel prices. His administration also temporarily eased US sanctions on Russian fuel, which aimed to curb Moscow’s war revenues.
Meanwhile, International Energy Agency Executive Director Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies. These developments overshadowed escalating Middle East tensions, including renewed strikes on Saudi Arabia’s civilian infrastructure and tanker attacks near the Strait of Hormuz. Elsewhere, Gulf of Mexico oil producers were working to restore output at offshore platforms after Hurricane Isaias made landfall.