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Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles Oil prices hit three-month low and markets rally After more than 100 days of the greatest…

1 report1 sourceJun 15, 2026, 2:48 PM
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The GuardianJun 15, 2026, 2:48 PM

Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles Oil prices hit three-month low and markets rally After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief. Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel . Wholesale gas prices fell about 6%. Continue reading...

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