US heating oil futures climbed more than 4%, building on an over 11% surge in the previous session to reach their highest level since October 2023, as escalating US–Israel military action against Iran raised concerns over a potential Strait of Hormuz shutdown. In the latest development, US officials vowed to take all necessary measures, while military operations were reported to be set to intensify. Iran also threatened a full closure of the strategic waterway, with a senior military adviser warning on state television that forces “will target any ship attempting to pass through.” The Strait of Hormuz, a narrow chokepoint, handles roughly one-fifth of global oil shipments and significant volumes of natural gas. Meanwhile, OPEC announced on Sunday that it would resume output hikes after a first-quarter pause, though the ability of member nations to continue exports will depend on safe passage through the Strait.
