17.03.202602:19:54UTC+00Heating Oil Prices Rebound

Heating oil futures climbed toward $3.10 per gallon on Tuesday, rebounding after a 4.4% drop in the previous session driven by optimism that more vessels may soon be able to pass through the Strait of Hormuz. While shipping traffic in the strait remains largely halted amid the ongoing regional conflict, several oil tankers successfully transited the waterway over the weekend, fueling hopes of a gradual reopening. India is working to secure safe passage for six additional vessels, and several other countries are reportedly engaged in diplomatic back-channel talks with Iran to safeguard their shipping. On the supply side, additional support could come from strategic reserves: the US is preparing to release an initial tranche of crude from its emergency stockpiles, and the IEA has signaled that further reserves could be deployed if necessary. Nonetheless, uncertainty remains elevated as the conflict, now in its third week, shows no sign of resolution.