Why Heating Oil (HO) rose 5.89%
Heating Oil (HO) rose 5.89% on October 8, 2026 — Hormuz traffic slump after attacks lifts heating oil.
What happened
Heating oil rose 4.3% as the Oil & Geopolitics rally pushed refined product prices higher. The driver was data showing Hormuz transits at their lowest in over two months after attacks on shipping.
Why it moved
Fewer tankers moving through Hormuz tightens physical supply of crude and distillates, and heating oil reprices fastest because it sits directly on that flow.
Why it matters
The Oil & Geopolitics theme has seen a three-quarter surge on Mideast tensions, and that surge is now showing signs of stalling.
What would break the thesis
Iran diplomacy progressing, Saudi export signals, or further SPR releases would drain the supply-crisis premium and reverse this move.