Heating oil futures declined to about $3.40 per gallon on Tuesday, extending losses for a second consecutive session after President Trump moved to ease worries about the duration of the Middle East conflict. Trump said the war with Iran may be entering its final phase and noted that US military operations are advancing more quickly than initially anticipated.
He also indicated that Washington could relax certain oil-related sanctions and deploy US Navy escorts for tankers transiting the Strait of Hormuz in an effort to prevent further increases in crude prices. His comments followed a statement from G7 finance ministers that the group is prepared to release oil from strategic reserves if needed, though no concrete steps have been taken so far.
Nevertheless, uncertainty remains, as investors are skeptical of the administration’s ability to stabilize energy markets, even as Trump’s latest remarks signal a greater willingness by the White House to move toward ending the conflict.
