US heating oil futures climbed above $4.50 per gallon on Wednesday, extending gains to their highest level since March, as the deadlock over the Strait of Hormuz heightened concerns about prolonged supply disruptions. President Donald Trump said that no talks with Iran were taking place or planned, asserting that the US naval blockade remained active and that the strait was open after mines were cleared. Iran, however, countered that the waterway would remain closed until the US fulfilled its prior conditions. Traffic through the critical chokepoint came to a standstill over the weekend following attacks on vessels, underscoring persistent security risks to energy shipments. Meanwhile, Ukrainian strikes on Russian oil refineries have disrupted domestic fuel supplies, resulting in gasoline rationing in at least two regions and tighter controls on refined-product exports, with Russia extending its ban on petrol exports until January 2027 and diesel exports until August 2026.