US heating oil futures edged down to around $3.50 per barrel on Tuesday, pausing the prior session’s advance, as traders assessed signs that Iran may enter talks with the US ahead of the ceasefire’s expiration. Tehran is reportedly sending a delegation to Islamabad, though its composition and mandate remain unclear, following earlier reluctance to resume negotiations.
Even so, uncertainty stayed high after President Trump said extending the truce is highly unlikely and warned against the use of overwhelming military force. Iran’s chief negotiator, in turn, accused the US of exerting undue pressure on the process, ruled out talks under threat, and cautioned that tensions could escalate.
Persistent frictions in the Middle East have kept energy markets volatile since March, particularly with the continued closure of the Strait of Hormuz. The impasse at this critical chokepoint threatens to deepen the global energy crisis. At the same time, forecasts for warmer‑than‑normal temperatures through April 30 are expected to curb both heating and cooling demand.
