U.S. heating oil hits April high as Iran standoff and Russian refinery disruptions squeeze supply

U.S. heating oil futures climbed to about $4.45 a gallon on Tuesday, the highest since early April, as traders priced in prolonged Middle East supply risk after President Donald Trump said he was not interested in extending the U.S.-Iran agreement and as repeated Ukrainian strikes on Russian refineries tightened refined-fuel markets. Reports described the diplomatic timeline differently, with the arrangement said to have technically expired on Monday, a 60-day window said to have lapsed Monday, and earlier coverage saying the June deal officially expired on Aug. 17. The political backlash widened as Senate Minority Leader Sen. Chuck Schumer (D-NY) called the Memorandum of Understanding a failure and said Americans were being hit with gasoline above $4 a gallon. AAA data showed the national average gasoline price at $4.0636 a gallon on Monday, versus $4.0656 on Sunday and $5.5768 in California, while tensions around the Strait of Hormuz, continued shipping disruptions, potential new U.S. sanctions on Iran, and Russia's extension of its diesel export ban until January 2027 kept energy markets on edge.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.