US heating oil futures traded around $4.28 per gallon, retaining most of the previous session’s losses as markets assessed intensified economic pressure on Iran. The Trump administration plans to impose secondary sanctions, which target third parties facilitating Iran’s economy, under a campaign called Operation Economic Outcast. Treasury Secretary Scott Bessent said the United States was targeting Iran’s global financial connections and urging other countries to end economic ties with Tehran. It remains uncertain whether the measures will loosen Iran’s grip on the Strait of Hormuz or extend disruptions. Elevated diesel refining margins and US distillate inventories around 12–13% below the five-year average point to continued tightness in refined-product markets ahead of fall maintenance and the winter heating season.