Heating oil futures traded around $3.60 per gallon, hitting a five-week low, pressured by growing expectations of further diplomatic resolution in the Middle East. A White House official said discussions are underway for a second round of talks between Washington and Tehran, though no formal schedule has been set. Reports also indicated that President Trump said negotiations could resume “within the next two days,” and described talks as progressing slowly. However, uncertainty remains elevated as the US moves forward with a naval blockade of the Strait of Hormuz to curb Iran’s oil exports, while Tehran is considering a temporary halt to shipments to avoid escalating tensions. Reflecting the disruption, the IEA noted that no new energy cargoes have been loaded in April and warned that global oil demand could decline this year for the first time since the COVID-era downturn.
