Strait of Hormuz Reopening Expected to Take Weeks to Alleviate Shipping Backlog and Oil Price Pressure
The reopening of the Strait of Hormuz, following a U.S.-Iran agreement, is expected to take weeks to clear a significant backlog of ships, impacting oil prices and supply chains in the region. While oil prices dipped initially, the complexities of restoring normal shipping operations could keep prices under pressure in the near term.