US heating oil prices rose above $4.70 per gallon in early September to a fresh record, roughly double year-earlier levels, as tightening distillate supplies pressured the refined-fuel market. US distillate inventories fell by 300,000 barrels in the week ending August 28, following a 2.2 million-barrel decline to 103.4 million barrels in the prior week ending August 21. Diesel futures reached a 52-month high and the diesel crack spread hit a record, while refinery utilization stayed at or above 95% for 12 consecutive weeks, limiting spare capacity to rebuild stocks or absorb disruptions. Supply risks have also increased with renewed US-Iran tensions and concerns about oil flows through the Strait of Hormuz, while Ukrainian attacks on Russian refineries have reduced global refining capacity. Winter heating and seasonal farming demand are expected to add pressure, even as US refiners increase production and exports.