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Heating oil futures went down over 1% to below $3.80 per gallon on Tuesday, paring gains from the prior session, as prospects of revived US–Iran peace negotiations resurfaced. Both sides are reportedly weighing further rounds of talks to establish a more lasting ceasefire, with discussions likely to be held before the two-week truce ends. President Trump earlier said Iran had made contact via “appropriate channels,” indicating interest in a potential agreement, while Masoud Pezeshkian stated that Tehran is willing to continue negotiations so long as they align with international law. This came after the US revealed plans to block the Strait of Hormuz, with the resulting uncertainty heightening volatility across energy markets. Separately, an OPEC report showed crude production from major Gulf Arab exporters dropped sharply in March due to supply disruptions, reinforcing concerns that the recovery in output may take longer than anticipated.

Heating Oil Falls on US-Iran Talk Prospects

Gasoline futures fell over 1% below $3.10 per gallon on Tuesday, giving up part of the previous session’s gains, as hopes of renewed US–Iran peace talks emerged. Reports indicate both sides are considering additional rounds of negotiations aimed at securing a more durable ceasefire, with talks expected to take place before the two-week truce expires. Earlier, President Trump said Iran had reached out through “appropriate channels,” signaling interest in a deal, while Masoud Pezeshkian said Tehran is open to talks provided they remain within international law. The developments followed the US announcement of plans to block the Strait of Hormuz, with the ensuing uncertainty adding volatility to energy markets. Meanwhile, an OPEC report showed crude output from major Gulf Arab producers fell sharply in March amid supply disruptions, reinforcing concerns that any recovery in supply could take longer than expected.

Gasoline Slips on Renewed US-Iran Talk Hopes

The Australian dollar held around $0.709, sitting near a four-week high amid rising hopes of a US-Iran peace deal, while investors weighed the Reserve Bank of Australia’s latest remarks. Deputy Governor Andrew Hauser stressed that inflation remains above the 2–3% target, and policymakers lack strong confidence that current interest rates are sufficiently restrictive. He noted that rates may need to rise further if necessary, particularly as the economy absorbs the inflationary impact of elevated oil prices tied to Middle East disruptions. Markets slightly raised the odds of a rate hike next month to 72% from 69% after Hauser’s remarks. First quarter inflation data, key labor market and consumer spending indicators are still due this month ahead of the decision. Meanwhile, the US and Iran signaled willingness to extend negotiations toward a longer-term ceasefire. This comes after prolonged weekend talks failed, prompting President Trump to announce a blockade on Iranian oil shipments.

Aussie Dollar Holds Near 1-Month High

Australian stocks rose 67 points, or 0.8%, to 8,993 in Tuesday morning trade, snapping a two-session losing streak following a rally on Wall Street Monday amid renewed hopes for a potential resolution to the Middle East conflict, despite the failure of recent U.S.-Iran talks over the weekend. Most sectors in the ASX 200 advanced, led by commercial services, healthcare, mining, and utilities. However, the upside was partly capped after fresh data showed Australia’s consumer confidence in April fell to its lowest level since November 2023, highlighting growing concerns about the economic and inflationary impact of the Iran conflict. Investors also remained cautious ahead of key data releases, including March trade figures later today from main trading partner China and Australia’s labor market report due later this week. Among notable movers were WiseTech Global (6.7%), Xero Ltd. (5.0%), Lynas Rare Earths (3.1%), Sonic Healthcare (2.1%), and BHP Group (1.9%).

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