Oil and gas supplies may take months to normalize after Iran war deal reopens Strait of Hormuz

After an agreement ending the Iran war was announced, the Strait of Hormuz has reopened to shipping, but oil tankers stranded in the Persian Gulf for more than three months and shut-in oilfields could take months to restart. Experts said insurance availability, the need for a clear security window, and the time required for transport and refining will limit any near-term recovery in supply, according to AP. Brent fell to $83.89 a barrel and WTI to $80.85, still well above the roughly $70 level before the war.