Heating oil futures rose toward $4.0 per gallon on Tuesday, after sliding 4.4% in the previous session on hopes that more vessels may soon be able to transit the Strait of Hormuz. Although shipping traffic through the strait remains stalled due to the ongoing regional conflict, several oil tankers successfully passed through over the weekend, raising hopes that the waterway could gradually reopen. India is working to secure safe transit for six additional vessels, while several other countries are reportedly engaging in diplomatic back-channel discussions with Iran to ensure the protection of their ships. Additionally, the US is preparing to release the first tranche of crude from its emergency reserves, while the IEA has indicated that more stockpiles could be made available if needed. Still, uncertainty persists, as the conflict, now in its third week, shows no signs of resolution.
