US heating oil prices hovered near $3.20 per gallon, consolidating close to their lowest levels since the outbreak of the Iran conflict, after unwinding much of the war-related rally seen over the past three months. Oil shipments through the Strait of Hormuz continued to recover, with crude flows surpassing 10 million barrels per day under US military protection, according to a US official. The UAE also returned oil exports to pre-war volumes via alternative routes, while Iran’s crude exports climbed above 40 million barrels after the United States lifted its naval blockade.
At the same time, President Donald Trump highlighted progress in negotiations following a new round of indirect talks. On the data front, distillate inventories—which include diesel and heating oil—rose by 2.483 million barrels in the final week of June, defying expectations for a 0.7 million-barrel draw. Elsewhere, UK diesel prices recorded a record monthly decline in June, underscoring further signs of easing pressure across global distillate fuel markets.
