US heating oil futures climbed more than 6% to around $4.30 per gallon, recovering from the previous session’s retreat as crude prices rose, following Tehran’s rejection of negotiations with Washington. Ali Nikzad, Iran’s deputy parliament speaker, said the Strait of Hormuz would remain closed to normal traffic, after Donald Trump postponed a threatened strike on Iran’s energy infrastructure for five days, citing ongoing discussions. Meanwhile, Israel continued its attacks, and reports indicate US Gulf allies are moving closer to joining the conflict, with Mohammed bin Salman reportedly nearing a decision. Energy markets have swung sharply since the outbreak of the conflict, as the Strait of Hormuz, through which roughly one-fifth of global oil flows, remains largely closed. US heating oil futures have now gained more than 70% so far this month.
