FX.co ★ Heating Oil Extends Advance

US heating oil futures rose above $4.50 per gallon on Wednesday, reaching their highest level since March, as the standoff over the Strait of Hormuz intensified fears of prolonged supply disruptions. President Donald Trump stated that no negotiations with Iran were underway or planned, emphasizing that the US naval blockade remained in place and that the strait was open after mines had been cleared. Iran, however, insisted the waterway would stay closed until Washington met its earlier demands. Traffic through the key chokepoint ground to a halt over the weekend following attacks on several vessels, highlighting ongoing security risks to global energy flows. At the same time, Ukrainian strikes on Russian oil refineries have disrupted domestic fuel supplies, triggering gasoline rationing in at least two regions and prompting tighter controls on refined-product exports. In response, Russia has extended its ban on petrol exports until January 2027 and on diesel exports until August 2026.