US heating oil prices surged past $4.70 per gallon in early September, hitting a fresh record and leaving prices about 100% higher than a year earlier amid tightening distillate markets. Supply risks have intensified as escalating tensions between the US and Iran raise concerns over oil flows through the Strait of Hormuz, while Ukrainian attacks on Russian refineries have further constrained global refining capacity. US refinery utilization has now remained at or above 95% for 12 consecutive weeks, the longest streak since 2000, indicating that refiners are already operating near capacity with limited room to increase output. Industry data showed that US distillate inventories fell by 300,000 barrels in the week ending August 28, leaving stockpiles under pressure ahead of the winter heating season. Broader refined-fuel markets are also signaling tight conditions, with US diesel futures reaching a 52-month high and the diesel crack spread climbing to a record level.