2026.06.2516:14:20UTC+00US Heating Oil Rallies as Crude Recovers

US heating oil prices climbed more than 3% to above $3.27 per gallon, tracking a rebound in crude futures amid renewed security concerns in the Middle East. The maritime agency UKMTO reported that a vessel was hit by an unidentified projectile in the Strait of Hormuz off the Omani coast, prompting several commercial ships to reverse course. The incident heightened worries over Iran’s effective control of this key chokepoint as Tehran and Washington negotiate a permanent ceasefire.

Despite the disruption, Saudi tankers continued toward the Ras Tanura terminal to resume Persian Gulf exports for the first time since March, and Qatar issued its first crude tender since the war. In an effort to restrain energy costs, the White House waived Jones Act requirements and released additional barrels from the Strategic Petroleum Reserve. Even so, market conditions remain tight, with the US acting as the global supplier of last resort and domestic diesel stocks hovering near seasonal lows. Potential Russian export bans could add further upward pressure on prices.