Heating Oil Prices Hold Steady

US heating oil prices held steady around $3.55 per gallon after falling in the prior session, as tensions between the US and Iran have flared again. US Central Command said that it conducted “self-defense strikes” in Tehran at President Donald Trump’s direction in response to the downing of a US helicopter that was patrolling in the Strait of Hormuz. The fresh strikes risk undermining an already fragile ceasefire in the region and raised doubts over efforts to secure a more lasting peace agreement that could reopen the strait. The critical waterway remained largely closed under a dual blockade from both sides, sharply limiting exports of distillate products from the region. On the supply side, US distillate inventories, including diesel and heating oil, rose by 1.502 million barrels in the final week of May.