At this stage, a full recovery of traffic through the Strait of Hormuz still faces many obstacles, including mine clearance and Iran's stated intention to strengthen control over vessels passing through the strait. It will also take more time to rebuild confidence among shipowners, insurers and refiners. The normal flow of crude oil and natural gas may take several months to fully recover.
Oil prices are likely to remain above pre-war levels for some time, while the transportation of petrochemical products and other commodities may take even longer to normalize. In addition, China may take advantage of the reopening of the strait to replenish its strategic petroleum reserves, which could provide further support to oil prices.