FX.co ★ Heating Oil Surges Past $3.6

Heating oil futures surged past $3.60 per gallon on Wednesday, staging a sharp rebound as traders reacted to escalating geopolitical tensions in the Middle East. The rally underscores mounting fears of potential supply chain disruptions in the Strait of Hormuz, where recent projectile strikes on commercial vessels have unsettled energy markets. Although the International Energy Agency is considering an unprecedented release from strategic reserves to help curb price volatility, the effectiveness of such intervention remains unclear amid ongoing regional conflict. Continued military engagements in the Persian Gulf are overshadowing earlier inflation data and amplifying uncertainty over the future path of prices. Market participants are closely monitoring upcoming international policy meetings and daily reports on regional tanker traffic, which have become the key short‑term drivers of heating oil price movements.