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New Middle East conflict hampers negotiation hopes; US heating oil futures rise for three consecutive days

New Middle East conflict hampers negotiation hopes; US heating oil futures rise for three consecutive days

汇通财经汇通财经2026/06/03 04:34
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⑴ US heating oil futures rose above $3.70 per gallon in early June, marking a third consecutive trading day of gains, as reports of new conflicts in the Middle East weakened hopes for a breakthrough in US-Iran negotiations.⑵ Both sides carried out new strikes, even as the US stated it is still negotiating with Iran for a potential deal to end the conflict and refuted reports that communications have broken down. Contradictory reports and ongoing strikes have made the market jittery, increasing volatility in energy commodities.⑶ Since the outbreak of conflict in March, distillate exports from the region have been severely disrupted, refineries are under pressure, and heating oil futures hit a record high of $4.60 per gallon that month.⑷ Against this backdrop, industry data shows that diesel and heating oil inventories decreased by 214,000 barrels in the last week of May.
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