US heating oil prices rose above $4.20 per gallon, the highest level since early April, as concerns over deeper supply disruptions intensified. The US continued strikes on Iranian military targets for an 11th consecutive night, while Yemen’s Iran-aligned Houthis threatened attacks on Saudi oil vessels in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia. President Donald Trump also downplayed the chances of imminent negotiations with Iran and threatened expanded strikes. Beyond the Middle East, supply risks extended to the Black Sea, where attacks targeted the Caspian Pipeline Consortium terminal, a key outlet for Kazakhstan’s crude exports. Markets also faced tighter refined fuel supplies from continued Ukrainian attacks on Russian refineries following Moscow’s diesel export ban, while seasonal refinery maintenance and years of refinery closures in the US and Europe added further pressure.

Heating Oil rose to 4.17 USD/Gal on July 22, 2026, up 1.07% from the previous day. Over the past month, Heating Oil's price has risen 32.22%, and is up 70.31% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Heating oil reached an all time high of 5.86 in April of 2022. Heating oil - data, forecasts, historical chart - was last updated on July 22 of 2026.

Heating Oil rose to 4.17 USD/Gal on July 22, 2026, up 1.07% from the previous day. Over the past month, Heating Oil's price has risen 32.22%, and is up 70.31% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 4.21 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.83 in 12 months time.



Price Day Month Year Date
Crude Oil 87.91 2.490 2.95% 20.08% 34.73% Jul/22
Brent 95.56 3.060 3.36% 23.97% 39.48% Jul/22
Natural gas 2.94 0.0727 2.54% -7.74% -4.53% Jul/22
Gasoline 3.44 0.0291 0.85% 16.09% 62.10% Jul/22
Heating Oil 4.17 0.0222 0.54% 32.31% 70.42% Jul/22
Ethanol 1.92 0 0% 5.49% 8.78% Jul/22
Naphtha 815.28 31.83 4.06% 18.92% 48.65% Jul/22
Propane 0.76 -0.01 -0.87% 5.04% 5.64% Jul/22
Uranium 85.70 0.1500 0.18% -0.06% 20.03% Jul/21
Methanol 2,648.00 -33.00 -1.23% 0.57% 11.17% Jul/22


Heating oil
Heating oil, also known as No. 2 fuel oil, is a key refined petroleum product used for residential heating, as well as a proxy for diesel and jet fuel markets. It represents a significant share of the output from a barrel of crude oil and plays an important role in both energy consumption and seasonal demand trends. Heating oil futures are traded on NYMEX and serve as a benchmark for distillate fuels, including diesel and jet fuel, which often trade in the physical market at a premium to futures prices. Each contract represents 42,000 gallons (equivalent to 1,000 barrels) and is based on delivery in New York Harbor, a principal trading and distribution hub for refined petroleum products. Heating oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official benchmark prices. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
4.17 4.13 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Hits Over 3-Month High
US heating oil prices rose above $4.20 per gallon, the highest level since early April, as concerns over deeper supply disruptions intensified. The US continued strikes on Iranian military targets for an 11th consecutive night, while Yemen’s Iran-aligned Houthis threatened attacks on Saudi oil vessels in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia. President Donald Trump also downplayed the chances of imminent negotiations with Iran and threatened expanded strikes. Beyond the Middle East, supply risks extended to the Black Sea, where attacks targeted the Caspian Pipeline Consortium terminal, a key outlet for Kazakhstan’s crude exports. Markets also faced tighter refined fuel supplies from continued Ukrainian attacks on Russian refineries following Moscow’s diesel export ban, while seasonal refinery maintenance and years of refinery closures in the US and Europe added further pressure.
2026-07-22
Heating Oil Hovers at 2-Month High
US heating oil traded around $4.10 per gallon, remaining near a two-month high as investors balanced geopolitical risks against signs of renewed diplomacy in the Middle East. Iran's Foreign Ministry said it had received proposals from international mediators aimed at easing tensions with the US, helping trim earlier gains. Even so, markets remained focused on the risk of supply disruptions after fresh military exchanges between Washington and Tehran, including attacks on vessels transiting the Strait of Hormuz and a strike on an oil facility in Kuwait over the weekend. Supply concerns were also supported by continued Ukrainian attacks on Russian refineries following Moscow's diesel export ban. Seasonal refinery maintenance and years of refinery closures in the US and Europe have further tightened fuel markets.
2026-07-20
Heating Oil Hits Over 3-Month High
Heating oil futures in the US climbed toward $4.20 per gallon, reaching their highest level since early April, as intensifying strikes in the Middle East fueled fears of disruptions to global refined fuel supplies. Iran said the ceasefire with the US had effectively collapsed as both sides expanded attacks beyond military sites to critical infrastructure, signaling little prospect of a return to the fragile truce. Adding to supply concerns, Ukraine continued its attacks on Russian oil refineries after Russia imposed a diesel export ban earlier this month. Seasonal refinery maintenance and years of refinery closures across the US and Europe further constrained fuel supplies. The tighter supply backdrop pushed US refining margins to record highs. Despite a 4.6 million-barrel increase in distillate fuel inventories in the week ending July 10, EIA data showed stockpiles remained well below their five-year seasonal average.
2026-07-20