Heating Oil News

Oil markets are in turmoil following the US-Israeli strikes on Iran and the assassination of Supreme Leader Khamenei. Iran has responded by closing the Strait of Hormuz, through which roughly a third of the world's seaborne crude passes daily. Brent crude has surged past $84 per barrel and analysts are warning of $100+ if the disruption drags on.

The impact on UK heating oil is already being felt. Average kerosene prices have risen to around 66p per litre, up from 59p in early February. Northern Ireland has been hit hardest, with some areas seeing increases of over 50%. Prices vary enormously between suppliers right now, making it more important than ever to compare before you order.

With the situation in the Middle East still developing, further price rises are possible. If your tank is getting low, it may be worth ordering sooner rather than later. OPEC+ has pledged a small output increase, but with shipping routes blocked this is unlikely to ease prices in the short term.