US heating oil futures were steady at about $3.60 per gallon, after giving back gains in the prior session, as Israel and Iran agreed to suspend reciprocal attacks following a recent spike in regional violence. Israeli Prime Minister Benjamin Netanyahu said Israel is halting strikes on Iran for now but will respond if Tehran launches new attacks, while Iranian media signaled a comparable position. The move has sustained hopes for renewed talks on a broader Middle East ceasefire.
Even as a fragile truce holds, the Strait of Hormuz remains effectively closed under a dual blockade imposed by Tehran and Washington, sharply curbing exports of distillate products from the region. At the same time, US distillate inventories—including diesel and heating oil—rose by 1.502 million barrels in the final week of May.
