23.04.202601:29:06UTC+00Heating Oil Hits Two-Week High

US heating oil futures climbed above $3.90 in April, advancing more than 15% over the past three sessions and reaching a two‑week high, as supply conditions tightened for refiners amid the ongoing conflict in the Middle East. The US and Iran remain at an impasse over the Strait of Hormuz after failing to restart peace talks, with Washington maintaining a naval blockade on vessels traveling to and from Iranian ports.

Since the blockade was imposed, US forces have intercepted and boarded multiple ships and turned back dozens more attempting to enter Iranian waters. Iran has also curtailed traffic through the strait, and there were reports this week of gunfire directed at commercial vessels. The rising tensions have constrained crude flows from key Persian Gulf producers, disrupting a chokepoint that handles roughly one‑quarter of global seaborne oil trade.

At the same time, EIA data showed that US distillate inventories—which include diesel and heating oil—declined by 3.4 million barrels last week, a larger draw than the 2.5 million barrels expected, further underscoring the tightening supply backdrop.