27.03.202601:19:47UTC+00Heating Oil Set for Record Monthly Gain

US heating oil futures slipped below $4.30 per gallon but remained on course for a record monthly gain of more than 45%, as markets weighed Washington’s delayed move on Iran’s energy sector. President Donald Trump said Tehran had asked for a seven-day reprieve, but he granted ten days instead, extending the deadline to April 6. The decision offered short-term relief while prolonging uncertainty.

Analysts noted that the longer ceasefire has eased some immediate pressure. However, with around 8 million barrels per day still offline and crude flows from the Persian Gulf at continuing risk, the geopolitical risk premium is seen as unlikely to disappear. Energy markets have been highly volatile since the war began, and the near-total shutdown of the Strait of Hormuz has severely disrupted global supply routes.

Earlier this week, EIA data showed that distillate inventories—including diesel and heating oil—climbed by 3.0 million barrels in the week ending March 20. That increase sharply contrasted with analysts’ expectations for a 1.3 million-barrel draw and reversed the previous week’s decline.