Heating oil futures hovered around $3.60 per gallon, marking a five-week low, as growing expectations of a diplomatic breakthrough in the Middle East weighed on prices. A White House official said preparations are underway for a second round of talks between Washington and Tehran, although no formal timetable has been set. Separate reports indicated that President Trump suggested negotiations could resume “within the next two days,” while characterizing the discussions as progressing slowly.
Nonetheless, uncertainty remains high as the United States proceeds with a naval blockade of the Strait of Hormuz aimed at constraining Iran’s oil exports, and Tehran weighs a temporary suspension of its own shipments to avoid further escalation. Underscoring the extent of the disruption, the IEA reported that no new energy cargoes have been loaded so far in April and cautioned that global oil demand could fall this year for the first time since the COVID-era downturn.
