2026.03.3102:40:45UTC+00Heating Oil Set for Record Monthly Gain

Heating oil held near $4.20 per gallon and was on track for a record monthly gain of more than 40%, rising in tandem with crude as roughly 20% of global oil flows remain disrupted. The supply shock is being driven by the near-total closure of the Strait of Hormuz, while renewed Houthi threats in the Red Sea are heightening the risk of disruptions at another critical chokepoint. Together, these developments could further constrain energy shipments from the Middle East, jeopardizing two of the world’s most important trade and supply corridors.

Throughout the month, reports of possible negotiations emerged, including recent signals that President Trump is now prepared to halt the military campaign in Iran even if the Strait remains largely closed. Markets, however, remained skeptical, as this apparent shift followed earlier threats to target Iran’s power plants, oil facilities, and desalination infrastructure should the Strait not be reopened.