Heating Oil Tumbles 17%

2026-04-08 00:22 By Kyrie Dichosa 1 min. read

Heating oil futures tumbled more than 17% to below $3.70 per gallon on Wednesday, hitting a four-week low, after Iran agreed to temporarily reopen the Strait of Hormuz under a two-week ceasefire with the US and Israel.

Iranian Foreign Minister Abbas Araghchi said safe transit through the strait would be coordinated with the country’s armed forces, accounting for technical constraints.

Earlier, President Donald Trump noted that the ceasefire depends on Iran reopening the waterway, which would allow an agreement to be finalized.

Israel has also reportedly agreed to pause strikes while negotiations continue, and the first round of US-Iran talks is set to take place in Islamabad on Friday.

The announcement came less than two hours before Trump’s deadline for Iran to reopen the vital waterway or face military strikes targeting its power plants and bridges.



News Stream
Heating Oil Tumbles 17%
Heating oil futures tumbled more than 17% to below $3.70 per gallon on Wednesday, hitting a four-week low, after Iran agreed to temporarily reopen the Strait of Hormuz under a two-week ceasefire with the US and Israel. Iranian Foreign Minister Abbas Araghchi said safe transit through the strait would be coordinated with the country’s armed forces, accounting for technical constraints. Earlier, President Donald Trump noted that the ceasefire depends on Iran reopening the waterway, which would allow an agreement to be finalized. Israel has also reportedly agreed to pause strikes while negotiations continue, and the first round of US-Iran talks is set to take place in Islamabad on Friday. The announcement came less than two hours before Trump’s deadline for Iran to reopen the vital waterway or face military strikes targeting its power plants and bridges.
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