US heating oil futures eased to around $4.50 per gallon, retreating from the record high of $4.608 reached in the previous session. The drop followed a broad pullback across energy markets after President Donald Trump ordered a five-day pause on planned strikes against Iranian energy infrastructure, following discussions aimed at ending the conflict. Trump described the talks as productive, although Iranian sources denied any direct or indirect contact.
Energy markets have been extremely volatile since the start of the war, with the Strait of Hormuz—normally a transit route for about 20% of global oil supply—largely blocked. To help alleviate supply pressures, IEA members have authorized a record release of 400 million barrels from strategic reserves.
Despite the latest decline, US heating oil futures are still up more than 70% this month, having recently surged to unprecedented levels above $4.60 per gallon.