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The Guardian - AU
The Guardian - AU
National
Patrick Commins

Oil prices could take a year to return to pre-Iran levels even if ceasefire holds, Australian experts warn

Oil Iran Vivek Dhar United States Helima Croft Hormuz
A tanker at rest outside the strait of Hormuz in March.
Gulf countries remain opposed to Iran’s proposal of a formalised toll arrangement for transit through the strait of Hormuz as oil prices remain high globally. Photograph: Benoît Tessier/Reuters

Global oil markets could take as long as a year to return to something like pre-Iran war normality even if the conflict ended tomorrow, leading experts warn.

Hopes for an immediate restart of shipping through the strait of Hormuz have been dashed after Israel bombarded Lebanon shortly after the announcement of a two-week ceasefire between the US and Iran, with Iranian media reporting traffic through the strait had been halted in response.

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