Heating oil futures went down over 1% to below $3.80 per gallon on Tuesday, giving back part of the prior session’s gains as prospects of revived US–Iran talks returned. US Vice President JD Vance said progress now hinges on Tehran after weekend negotiations failed to produce a breakthrough, stating the “ball is in the Iranian court” following Washington’s proposal, and that a deal remains possible if US nuclear conditions are satisfied. President Donald Trump also said Iran had made contact through channels, while President Masoud Pezeshkian said Tehran is open to talks so long as they comply with international law. The move came after the US started a blockade of Iranian ports in the Persian Gulf on Monday, which threatens oil shipments through the Strait of Hormuz, averaging about 1.7 million barrels per day last month. Meanwhile, an OPEC report showed Gulf Arab output declined sharply in March amid disruptions, heightening concerns that recovery could take longer than expected.
