Oil prices could take a year to return to pre-Iran levels even if ceasefire holds, Australian experts warn

Analysts say uncertain stability of truce and major damage to infrastructure among many issues that will keep prices high for foreseeable future Get our breaking news email , free app or daily news podcast Global oil markets could take as long as a year to return to something like pre-Iran war normality even if the conflict ended tomorrow, leading experts warn. Hopes for an immediate restart of shipping through the strait of Hormuz have been dashed after Israel bombarded Lebanon shortly after the announcement of a two-week cease-fire between the US and Iran, with Iranian media reporting traffic through the strait had been halted in response. Continue reading...