Heating oil price jumps nearly 5% as Hormuz jitters ripple through diesel market
Front-month NYMEX heating oil futures jumped 11.4 cents to $2.5049 per gallon Wednesday, tracking a sharp rebound in crude as Middle East tensions resurfaced. Traders cited renewed risk around Iran and the Strait of Hormuz. The move followed a drop Tuesday on signs of progress in U.S.-Iran talks. Market focus now shifts to U.S. fuel inventory data due Thursday.