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Heating OilMarkets

Heating Oil Climbs on US Blockade of Hormuz

Heating oil futures surged more than 8% above $4.0 per gallon on Monday, rebounding from last week’s losses after the US announced plans to block the Strait of Hormuz following stalled talks with Tehran. US Central Command said it will begin enforcing a maritime blockade on all vessels entering and leaving Iranian ports starting April 13, applying to ships of all nations accessing ports in the Arabian Gulf and Gulf of Oman, while transit through the Strait to non-Iranian ports will remain unaffected. Meanwhile, reports indicated that Donald Trump is considering renewed airstrikes on Iran after previously agreeing to a two-week ceasefire. These developments have renewed concerns that the conflict could persist longer than expected, heightening risks of deeper global supply disruptions and fueling fresh volatility in energy markets.

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