2026.03.1710:08:05UTC+00US Heating Oil Futures Top $4

US heating oil futures have risen above $4 per gallon, their highest level since June 2022, with prices now more than 50% higher than in late February. The spike comes as the war in Iran continues to disrupt global energy supplies and the near shutdown of the Strait of Hormuz — a critical corridor for roughly 20% of worldwide oil shipments — forces countries to adopt protectionist policies to secure domestic fuel supplies.

Diesel prices have climbed sharply, while jet fuel has surged above $200 per barrel and fuel oil is approaching $140, pushing up costs across transportation, agriculture, and construction. Heavy dependence on refining capacity in the Persian Gulf has intensified the price moves.

Adding to supply pressures, China has begun cancelling fuel exports and South Korea is preparing to cap shipments. At the same time, cooler weather forecasts in parts of the US are driving up heating demand, further supporting prices and heightening concerns about broader economic fallout and mounting political pressure on the Trump administration.