FX.co ★ Heating Oil Prices Rise

Heating oil futures surged nearly 5% to $3.70 per barrel, mirroring a broader rebound across energy markets amid a stalemate in US–Iran negotiations. Uncertainty persists over whether Iran will participate in a second round of talks with the US before Wednesday’s ceasefire deadline, while the Strait of Hormuz remains largely closed. Since the conflict with Iran began in late February, supplies of crude and refined products from the Persian Gulf have fallen by roughly 13 million barrels per day, according to the International Energy Agency. At the same time, major oil traders have cautioned that demand destruction tied to the Iran conflict is likely to intensify, and warmer-than-normal temperatures through April 30 could further suppress both heating and cooling demand.