US heating oil futures rose to around $3.21 per gallon, extending gains for a fourth session to remain close to its highest level since October 2023, driven by ongoing supply disruptions in the Middle East. Tensions in the region persist, as Israeli and US strikes on Iran have triggered retaliatory attacks on energy infrastructure. Iraq has now cut roughly half of its crude output due to storage and export constraints, risking a halt of nearly 3 million barrels per day if shipments do not resume. Saudi Aramco is also planning to reroute some exports through the Red Sea instead of the Strait of Hormuz, in response to regional risks. Meanwhile, limiting some gains, President Donald Trump announced that the US International Development Finance Corporation would provide insurance for tankers, with naval escorts on standby to help maintain energy and trade flows. Elsewhere, OPEC said on Sunday that it would resume output hikes after a first-quarter pause.
