US heating oil prices fell below $3.50 per gallon, hitting a seven-week low as markets assessed evolving developments in the Middle East. President Donald Trump said a peace deal with Iran could be signed as early as the weekend and cancelled planned airstrikes following talks with Tehran. This comes despite his earlier threats to seize Kharg Island and take control of Iran’s oil and gas markets, while hostilities between the US and Iran escalated earlier in the week. The lack of concrete agreements kept energy markets fluctuating and heightened concerns over prolonged supply disruptions. The Strait of Hormuz has remained largely restricted since March, accounting for about one-fifth of global oil flows. Meanwhile, EIA data showed distillate stocks, including diesel and heating oil, rose by 0.2 million barrels in the first week of June, compared with expectations for a 0.5 million barrel draw.

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