Heating Oil Futures Surge Amid Escalating Middle East Conflict

The price of heating oil and distillates has been volatile in recent months, with nearby NYMEX futures trading at $3.4525 per gallon wholesale on June 12, 2026.

In August, the price was higher at near $3.90 per gallon after reaching a record high of $4.6709 on April 2, 2026, which is also the year-to-date high for heating oil futures that have risen 117.4% from $2.1215 at the end of 2025.

The escalating conflict in the Middle East is driving distillate prices higher, as Brent crude oil is light and sweet but has a higher sulfur content than North American WTI crude oil, making it suitable for refining into distillates.

A ceasefire caused heating oil futures to fall 34.9% from the April high to a low of $3.0013 per gallon wholesale on June 18, but the end of the MOU and escalating attacks in the Middle East have boosted the price to near $3.90 per gallon on August 7.