Heating oil futures remained above $4 per gallon—their highest level since June 2022—amid mounting concerns over prolonged supply disruptions as the war in the Middle East entered its third week. The Trump administration indicated that the conflict with Iran could continue for several more weeks, with Trump noting that the United States would work with other countries in the region to restore oil flows.
The fighting has placed key oil infrastructure at risk and kept the Strait of Hormuz closed, tightening supply routes. On Friday, the US conducted airstrikes on military installations on Kharg Island, a critical Iranian oil export terminal that handles roughly 90% of the country’s crude shipments. Washington also warned that Kharg Island could face further attacks if Tehran attempts to disrupt transit through the Strait.
