FX.co ★ Heating Oil Approaches 3-Month Low

US heating oil prices fell below $3.30 per gallon, nearing their lowest level in more than three months, after reports indicated that the US and Iran had reached an agreement that could gradually restore energy exports from the Middle East. President Donald Trump said the deal was “now complete,” adding that the Strait of Hormuz would reopen without transit fees and that sanctions on Iran would be lifted once the agreement is signed on June 19. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the accord but noted that the text would remain confidential until the official signing ceremony. While the deal alleviates some concerns among Gulf producers, significant obstacles remain before oil flows can fully resume, including mine clearance operations and decisions on how strictly Iran will regulate maritime traffic. Producers also warned that a full recovery could take months due to technical and geological challenges, as well as damage to infrastructure.