The U.S.-Iran deal and the potentially imminent reopening of the Strait of Hormuz do not mean that oil and gas trade will quickly return to its previous levels. The announcement of the deal is just the first step, and it could take months for oil and gas shipments in the region to return to pre-war levels. Middle Eastern producers have been forced to shut in more than 10 million barrels per day of oil production since the Strait of Hormuz was closed three and a half months ago. Producers will need months to fully ramp up wells to previous output…

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