Heating oil futures climbed over 6% to above $6.30 per gallon on Thursday, snapping a three-day decline and tracking advances in crude prices, after President Trump said the US would strike Iran in the coming weeks. In his rare prime-time address, Trump offered no clear end date for the Middle East conflict, noting that the US had nearly achieved its strategic goals in Iran but warning of further military action over the next two to three weeks.
However, he also said the conflict is not expected to be prolonged and emphasized that talks with Tehran are continuing, keeping the door open for a diplomatic solution. Meanwhile, Iran denied Trump’s claim that Tehran had requested a ceasefire, and added that the Strait of Hormuz will not be reopened and that the key transit route remains firmly under the control of the IRGC Navy. Elsewhere, distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels last week.
