Heating Oil Falls to $3.70 a Gallon as US-Iran Deal Hopes Offset Strike Risk

6 articles · Updated · TradingView · May 26

$3.70-per-gallon New York Harbor heating oil futures extended losses, hovering near a two-week low as traders weighed signs of progress in US-Iran talks.
Trump said negotiations with Tehran were advancing, including possible US relief from its blockade and an Iranian reopening of the Strait of Hormuz, a key route for regional fuel flows.
A reported US self-defense strike in Iran highlighted how fragile that diplomacy remains after distillate exports from the region were largely halted when war began in March.
March disruptions had driven heating oil to a record $4.60 a gallon, but an unexpected mid-May rise in US distillate stocks suggested refiners were boosting diesel and jet fuel output amid transport-fuel shortages.

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