FX.co ★ Heating Oil Hits Over 4-Month High

US heating oil futures climbed to about $4.45 per gallon on Tuesday, their highest level since early April, as diminishing hopes for a near-term resolution to the US–Iran confrontation intensified expectations of prolonged supply disruptions from the region. President Donald Trump said he was not interested in renewing an agreement with Tehran that technically expired on Monday, while ongoing disputes over control of the Strait of Hormuz continue to complicate negotiations. Iran is holding separate talks with Oman on the management of the waterway, as Trump threatens to bomb Oman if it interferes with a US blockade. Even so, the continued flow of crude shipments through the Persian Gulf has alleviated some supply concerns. Elsewhere, frequent Ukrainian strikes on Russian oil refineries have disrupted fuel supplies, leading to gasoline rationing in at least two regions and restrictions on refined product exports. In response, Russia has extended its existing diesel export ban through January 2027.