Heating Oil Rises 3%

US heating oil futures rose about 3% to above $3.65 per gallon on Monday, recouping losses from recent sessions as escalating hostilities between the US and Iran heightened concerns over fuel supplies. The US launched another wave of strikes on Iran on Sunday after hitting 140 targets a day earlier in response to an IRGC attack on a container ship in the Strait of Hormuz. Iran retaliated by targeting US military facilities across Jordan, Kuwait, Bahrain, and Oman. While Tehran claimed it had closed the Strait of Hormuz until further notice, US Central Command maintained that the strategic waterway remained open to lawful shipping. The latest flare-up further dimmed hopes for diplomacy after reports last week indicated technical talks were underway. Meanwhile, Russia said it would suspend diesel exports and become a net importer as repeated Ukrainian attacks and higher crude prices disrupted operations at key refineries, adding to supply concerns.