empty
 
 

11.08.202607:04:31UTC+00US Heating Oil Extends Rally

US heating oil prices extended their rally above $4.20 per gallon, approaching a four-month high as the outlook for a deal to reopen the Strait of Hormuz deteriorated. President Donald Trump issued new demands on Iran, further undermining prospects for an agreement to restore traffic through the key shipping lane. This came after Iran said it was close to finalizing a deal with Oman on alternative shipping routes, while stressing that any reopening of the strait would still depend on Washington meeting additional conditions. At the same time, supply concerns were exacerbated by an attack claimed by Iran-backed Houthi militants on Saudi Arabia’s Jazan refinery in the Red Sea. Saudi officials reported that the fire was extinguished early Sunday but released no further details. Russia’s restrictions on fuel exports added yet another layer of pressure on global supplies. Refinery capacity remains tight as demand outstrips supply, with US refiners running crude at the fastest seasonal rate since 2018, even though total capacity has declined by 600,000 barrels per day over the same period.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback