Iran-US peace deal raises hopes of easing supply chain, fears remain of slow recovery | Today’s news

Prashant Vasisht, senior vice president and joint group head, corporate ratings, Icra said: “In the event of a successful US-Iran deal and the subsequent normalization of shipping through the Strait of Hormuz, oil and natural prices would moderate. However, apart from immediate price action, oil prices could take six months to a year to normalize to pre-war levels, with some facilities in West Asia closing at nearly 10-1 per day. It has suffered damage.” Brent crude closed at $72.87 a barrel on Friday, the 27th, a day before the US launched Operation Epic Fury.