Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens
Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles Oil prices hit three-month low and markets rally Business live – latest updates 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 to tankers carrying millions o
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Tugboats guide an oil tanker after it passed through the strait of Hormuz last month. Photograph: Kim Soo-hyeon/ReutersView image in fullscreenTugboats guide an oil tanker after it passed through the strait of Hormuz last month. Photograph: Kim Soo-hyeon/ReutersOilAnalysisOil and gas unlikely to return to prewar prices for months even if Hormuz reopensJillian Ambrose Energy correspondentMarkets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles Oil prices hit three-month low and markets rally Business live – latest updates Mon 15 Jun 2026 10.48 EDTFirst published on Mon 15 Jun 2026 09.13 EDTShareAfter more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have…
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