Heating Oil Prices Rise

US heating oil prices rose above $3.20 per gallon, moving in line with other energy commodities, as markets remained concerned over Middle East oil supplies after the recent exchange of US-Iran strikes. Both sides agreed to suspend further attacks for the time being and allow commercial vessels to transit the Strait of Hormuz freely ahead of peace talks later this week, according to a US official speaking on condition of anonymity. However, markets remained cautious as the latest escalation interrupted the recovery in oil flows through the Strait of Hormuz that had followed an earlier interim agreement. Shipowners also stayed wary of using the chokepoint, leaving hundreds of vessels stranded in the Persian Gulf. Adding to concerns, Israel said it carried out fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.