What the ongoing situation in the Middle East means for heating oil

We know the recent developments in the Middle East are deeply concerning right now, both the humanitarian impact and fears of wider conflict.

With the risk to free passage through the Strait of Hormuz - a key trade route for oil - the price of Crude Oil jumped almost 10% when markets opened on Monday morning (1st March).

Since the US and Iran engaged in conflict on Friday evening, customers have been understandably concerned and contacting us for advice. We hear customers fears and questions, and want to address them.

How long will the situation last?

At the moment it is unknown how long the conflict and subsequent disruption to oil markets will last. Keep up to date with reputable news outlets as well as BoilerJuice updates via email as soon as we know more.

Is there going to be heating oil supply disruption?

Right now, there is no expectation of direct supply disruptions of heating oil in the UK. Supplies of heating oil come in from many countries, although there could be delays further down the supply chain.

Even Crude Oil, the raw material is not only sourced from the Middle East, with supplies from The United States, Scandinavia and Northern Africa.

The bottom line is, we expect that heating oil will still be available for our customers and we are monitoring the situation closely with our suppliers.

Will my heating oil delivery be fulfilled?

Heating oil suppliers will still be operating at winter capacities therefore we expect you will still receive your delivery within the normal delivery windows. However, if there is increased ordering activity, there could be delays to some orders.

We are working hard with our network of suppliers to ensure customers get their delivery within expected timescales and will keep customers up to date as usual.

What is happening with heating oil prices?

Crude Oil prices have increased this week, and we have seen increases in heating oil prices. This is expected in the short-term as pricing moves very quickly in response to geopolitical events.

Prices for heating oil have risen however markets are sensitive and can change multiple times a day even during stable times. The prices you see on our website are live as soon as suppliers update them – therefore you may see a price change even within an hour of a previous quote.

Do I need to buy today?

Our website and ordering service is operating as normal and our best advice is to buy as normal. If you need oil in the next week or so, our recommendation is to consider topping up soon and allow more time than usual for your delivery in case of any delivery delays.

However, be aware, suppliers are assessing the current situation and prices have risen while they make these assessments. If you have enough oil in your tank to last a month or so, continue to monitor how much you’re using and monitor the market, prices may settle when the ongoing events calm.

Please don’t attempt to buy heating oil if you don’t have room in your tank, as you could be charged an under-delivery fee.

Shall I order more oil than usual?

We advise customers to order as normal, but it’s worth maintaining a reasonable buffer to avoid any urgency during this period. If you have capacity within your tank then you can choose to order more if you wish, but bear in mind with prices increasing it will cost more to fill your tank.

We’ll keep you informed

We are monitoring market developments continuously and will be in regular contact with our supplier network.

We’ll update you with any changes in availability and pricing – make sure you are opted in to receive our news and price alert emails (you can do this via contact preferences in your My Account area), as we’ll be sending regular updates on the situation by email throughout this period of uncertainty.

You can stay updated by following this page and keeping an eye on your email inbox.