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2026.08.1001:28:54UTC+00Heating Oil Rises for 4th Session

US heating oil futures climbed to about $3.96 per gallon on Monday, advancing for a fourth straight session amid heightened uncertainty over the reopening of the Strait of Hormuz. Iran said it is close to finalizing a deal with Oman to establish new shipping lanes, but emphasized that the key waterway will reopen only if Washington agrees to additional conditions. Tehran also maintained that it is not holding direct talks with the US and will not initiate negotiations while Washington continues to violate an interim agreement reached in June, despite American assertions that a new deal is close.

Supply risks were further amplified after Yemen’s Iran-aligned Houthi movement claimed it had attacked Saudi Aramco’s Jazan refinery. At the same time, Russia and Ukraine have intensified strikes against each other, increasing the likelihood of further attacks on energy infrastructure after Kyiv recently launched a long-range drone strike on a major Russian oil refinery. Against this backdrop, Moscow has extended its ban on gasoline and diesel exports through January 2027.

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