FX.co ★ US Heating Oil Falls on Diesel Export Ban

US heating oil prices have retreated to about $4.80 per gallon, down from last week’s record high of more than $5.20, following reports that the Trump administration is drafting a proposal to suspend diesel exports for 90 days. The plan, aimed at easing domestic energy costs, has exposed divisions within both the administration and the oil industry.

In parallel, Ukrainian President Volodymyr Zelenskyy has urged President Trump to convene a trilateral summit with Russian President Vladimir Putin, stressing that the leaders must act “as quickly as possible” to end the war. Zelenskyy also noted that he and Trump discussed an “energy ceasefire.” Trump, for his part, said that Moscow has “unfortunately lost control” of its diesel sector as a result of the conflict and has previously pressed Zelenskyy to halt drone strikes on Russian oil refineries.

At the same time, the partial restoration of Saudi Arabia’s East–West pipeline is easing some supply concerns, even as uncertainty over the outlook for peace in the Middle East continues to cloud the market.