Heating oil futures fell to around $3.4 per gallon on Tuesday, extending losses for a second session after President Trump sought to ease concerns about the Middle East conflict’s duration. Trump said the war with Iran may be nearing its final stage, adding that US military operations are progressing faster than initially expected. He also suggested Washington may ease 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. This comes after G7 finance ministers said the group stands ready to release oil from strategic reserves if necessary, though no action has been taken so far. Still, uncertainty persists as investors remain skeptical about the administration’s attempts to calm energy markets, even as Trump’s latest remarks pointed to a greater willingness by the White House to move toward ending the conflict.
