Oil Prices Rise on Report that Iranian Military Occupied Iraqi Oilfield

As of 9:13 am EST, the price of crude had climbed by 2.30 percent to reach $74.32 a barrel and the price of heating oil had risen by 1.32 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Monday’s average price per gallon): Up $0.03

Tensions in the Middle East spurred oil prices after a report from Iraq stated that Iranian military forces had entered Iraqi territory and positioned tanks around an oil well south of Baghdad. Worries that conflict between two OPEC members would threaten oil supplies boosted the prices of crude and heating oil, and those prices were further supported by more conventional factors. A weak dollar helped oil prices, as investors turned to commodities to hedge against inflation, and cold weather in the US Northeast, the world’s largest heating oil market, lifted demand for heating oil.

HEAT USA price experts report that the situation in the Middle East remains uncertain, but that uncertainty will likely limit any downside to oil, even if the dollar reverses course and posts gains today.