High oil and gasoline prices are expected to persist despite a recent agreement to end the Iran war and reopen the Strait of Hormuz. Energy experts predict it will take months for companies to resume operations and meet global demand due to the slow process of shipping and refining crude oil and concerns about the security of the strait. Ships have been stranded in the Persian Gulf for over three months, and restarting oil extraction in some regions will be challenging. Although oil prices dropped slightly after the deal, they remain higher than pre-war levels. Countries with alternative routes, like Saudi Arabia and the UAE, may resume production faster, while others like Iraq face longer delays.
QUESTION: How might the prolonged high oil prices impact everyday life and future energy policies?
Oil and gas supplies could take months to return to normal after Iran deal, energy experts say
