Heating oil futures jumped more than 6% to above $6.30 per gallon on Thursday, snapping a three-session losing streak and following gains in crude prices, after President Trump said the United States would strike Iran in the coming weeks. In a rare prime-time address, Trump gave no clear timeline for an end to the conflict in the Middle East, stating that Washington had nearly achieved its strategic objectives in Iran but warning of additional military action over the next two to three weeks.
At the same time, he said the conflict was not expected to be lengthy and stressed that talks with Tehran were continuing, leaving room for a diplomatic resolution. Iran, however, rejected Trump’s assertion that Tehran had requested a ceasefire and declared that the Strait of Hormuz would remain closed, adding that the vital shipping lane is firmly under the control of the IRGC Navy.
Separately, US distillate inventories — which include diesel and heating oil — declined by 2.1 million barrels last week.
