Oil Prices Might Not Go Back to Normal Anytime Soon

The U.S. and Iran reached a 60-day cease-fire agreement to end their conflict and reopen the Strait of Hormuz, causing oil prices to drop to $80 a barrel. However, disagreements over tolls on ships and conflicting terms of the deal, including Iran’s potential charges and references to Israel’s military activities, threaten its implementation. Uncertainty about the agreement’s durability has led to hesitancy among shipping companies and oil producers.