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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose Energy correspondent

Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Oil Donald Trump Hormuz Neil Shearing United States Iran Bjarne Schieldrop
Tugboats guide an oil tanker after it passed through the strait of Hormuz last month.
Tugboats guide an oil tanker after it passed through the strait of Hormuz last month. Photograph: Kim Soo-hyeon/Reuters

After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.

Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.

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