FX.co ★ Heating Oil Attempts Fresh High

US heating oil futures climbed above $4.60 per gallon, nearing a fresh record high, as escalating threats to energy infrastructure in the Middle East deepened concerns over additional supply disruptions. President Trump issued Iran a 48-hour ultimatum to reopen the Strait of Hormuz or face potential US strikes on its power infrastructure, while Tehran warned it would retaliate with attacks on critical energy facilities if Washington moved forward. In the previous week, both sides had already carried out a series of attacks on energy infrastructure. At the same time, IEA Executive Director Fatih Birol noted that he is coordinating with governments worldwide and could authorize further releases of oil stocks if needed. This comes after a coordinated drawdown of major emergency reserves by the agency, alongside a temporary easing by Washington of sanctions on Iranian oil already at sea. With no resolution in sight and the strategic chokepoint still shut, heating oil prices have surged more than 110% since the start of the year.