Strait of Hormuz seen reopening by Friday after more than three months of disruption

The Strait of Hormuz is expected to reopen within days after an interruption of more than three months that affected nearly a fifth of global seaborne oil shipments. The US and Iran have signed a ceasefire agreement, and President Donald Trump said the passage would be “completely opened” and “toll free.” Brent crude previously jumped from below $US70 a barrel in February to more than $US120 a barrel in April. Analysts say a full recovery in shipping could take 3–6 months, while futures may fall quickly and spot prices could ease within weeks.