US heating oil futures jumped more than 6% to around $4.30 per gallon, rebounding from the previous session’s pullback as crude prices advanced following Tehran’s refusal to enter talks with Washington. Ali Nikzad, Iran’s deputy parliament speaker, stated that the Strait of Hormuz would remain closed to normal traffic after Donald Trump delayed a planned strike on Iran’s energy infrastructure by five days, citing ongoing discussions.
At the same time, Israel has continued its strikes, and reports suggest that US-aligned Gulf states are moving closer to direct involvement in the conflict, with Mohammed bin Salman said to be nearing a decision. Energy markets have been highly volatile since the conflict began, as the Strait of Hormuz — a chokepoint for roughly one-fifth of global oil trade — remains largely closed. US heating oil futures are now up more than 70% so far this month.
