For now, major shipping companies have put a halt on traveling through the Red Sea following recent missile drone attacks by Houthi rebels in Yemen.
The Red Sea is an essential shipping route and is responsible for 10% of the world's international trade, so there is likely to be significant impact from temporarily closing this route. BP said it would keep its "precautionary pause under ongoing review" and monitor the region.
Does this impact heating oil prices?
According to the BBC, a temporary pause to all commercial sailing by major companies including energy giant BP could potentially have implications on the global oil supply chain.
The disruption this will cause to shipping combined with the UK winter season is likely to have an impact on supply and demand. This in turn is likely to have an adverse effect on the global oil market, including heating oil prices.
The question is how long this will continue, BBC report that 'despite the launch of a global operation to ensure safe passage through the Red Sea, it's not clear when commercial shipping companies will fully return to the Red Sea route.'
You can read BBC article here: Fears of higher oil prices after Red Sea attacks.
The Goff Outlook
I think its fair to assume that the most likely result will be prices rising in the near future, until the situation is resolved. If you are in need of a top-up we would suggest ordering early for the best possible prices.