US heating oil futures fell below $4.30 per gallon but remained on track for a record monthly gain of over 45% as markets digested Washington’s delayed action on Iran’s energy sector. President Donald Trump said Iran had requested seven days, but he granted ten, pushing the deadline to April 6. Analysts noted that the extended ceasefire eases some pressure, but with 8 million barrels per day offline and Persian Gulf flows still at risk, the geopolitical premium is unlikely to fade. Energy markets have remained volatile since the war began, with the near-complete closure of the Strait of Hormuz has severely disrupted flows. Earlier this week, EIA data showed distillate inventories, including diesel and heating oil, rose by 3.0 million barrels in the week ending March 20, far exceeding analysts’ expected 1.3 million-barrel draw and sharply reversing the prior week’s decline.
