Compare Heating Oil Prices & Save

Brent crude has eased to around $87 a barrel, its lowest in more than a week, as the confrontation in the Middle East shows signs of cooling. The US halted its strikes on Iran late on Friday and Tehran stopped its retaliation, while Iranian and Omani negotiators spent the weekend working towards restoring shipping through the Strait of Hormuz. That has begun to unwind the risk premium that drove crude up towards $100 earlier in July, though President Trump has warned the strikes could resume if the talks fail.

The pullback in crude has yet to show up at the UK pump. Our Fueltool price tracker still has the average supplier price at about 90ppl on a 1,000-litre order, little changed over the past week after July's climb back from an early-month low near 77ppl. The headline badge shows prices down about 14 per cent over the three-month chart, so the average remains below the spring highs.

The near-term direction now turns on whether the calmer tone in the Middle East holds. If the pause in fighting and the Hormuz talks stick and crude keeps sliding, the softer wholesale costs would in time feed through to the prices suppliers quote; if the conflict flares again, the risk premium could rebuild quickly. A steady pound is leaving the cost of imported product broadly where it is for now.