Heating oil futures climbed more than 2% to above $4.40 per gallon on Monday, extending gains from the previous session, after President Trump renewed pressure on Tehran over the Strait of Hormuz. He warned on social media that Iran would face severe consequences if it fails to reopen the passage, including potential strikes on key infrastructure such as power plants and bridges. This follows his national address last week, in which he said the conflict could continue for two to three weeks. Meanwhile, the eight OPEC+ members agreed to raise production by 206,000 barrels per day in May, though it remains uncertain how the additional oil will reach global markets as the Strait remains closed. OPEC+ also cautioned that repairing energy infrastructure damaged by Iranian attacks is costly and time-consuming, likely continuing to limit overall supply.
