Heating Oil News

Oil prices have dropped sharply again today after Iran’s Foreign Minister declared the Strait of Hormuz “completely open” for commercial vessels. Brent fell around 10% to roughly $89 per barrel, its lowest level in over a month, extending the retreat from the near-$128 intraday peak reached on 2 April. The two-week Trump-brokered ceasefire expires on 21 April and is widely expected to be extended, though Iran’s reopening of Hormuz requires vessels to follow a “coordinated route” prescribed by Iranian maritime authorities, meaning the situation remains conditional rather than fully resolved.

UK heating oil prices are beginning to ease but remain significantly elevated against the pre-conflict level, when Brent was around $70. Kerosene lags wholesale crude moves by several days as suppliers work through stock bought at higher replacement cost, so the full benefit of the recent crude falls has not yet reached retail quotes. As those stocks turn over in the coming days, prices should continue to drift lower. The Government’s £53 million winter support package also remains live (£27m via the Crisis and Resilience Fund in England, £17m for Northern Ireland, £4.6m for Scotland and £3.8m for Wales), so contact your local council if you may be eligible.

Geopolitical risk has not disappeared. The ceasefire is conditional and the Hormuz reopening is on Iran’s own terms, so another spike cannot be ruled out if talks break down before 21 April. Ordering now lets you take advantage of prices that are coming off their peaks while protecting yourself against any renewed disruption. Use Fueltool to compare suppliers and lock in the best quote in your area today.