Strait of Hormuz reopening may take weeks to ease shipping backlog and oil pressure

AI Summary

The reopening of the Strait of Hormuz may take weeks to clear a backlog of shipping traffic, impacting oil prices initially dipping below $80 per barrel. Industry experts warn of the time needed to ease pressure on this critical waterway after the U.S. and Iran reached a deal to end their conflict.

It will take weeks to clear the backlog of ships in the Strait of Hormuz, industry executives and shipping experts have warned, as the critical waterway is set to reopen. Oil prices initially dipped below $80 per barrel on news that the U.S. and Iran had agreed on a deal to end their war, as ...