Oil prices have fallen throughout the week in anticipation of the US-Iran deal to extend the ceasefire by 60 days, but while re-opening the Strait is a necessary step towards normality in the global energy market, it alone isn’t sufficient to bring energy prices quickly back towards pre-war levels. Looking beyond that, other reports from recent weeks offer a window into how the oil market may evolve as and when the crisis is resolved, with higher demand for oil to replenish and develop stockpiles set to, all else equal, support oil prices.
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