00:00Oil prices are tumbling after the US and Iran said they reached an interim agreement to
00:04reopen the Strait of Hormuz.
00:06When and if shipping returns to normal through the waterway is a different matter.
00:10Brent Oil was trading below $85 a barrel at the start of the week.
00:14To put that in context, at the height of the war it topped $125 a barrel.
00:18But lots of uncertainties remain, particularly as there's still a few days until the deal
00:22will be signed.
00:23Ship owners are busy seeking clarity on what a reopening might look like.
00:27Questions over transit fees, delays and safety will all need to be addressed to give ship
00:32owners the confidence to resume crossing Hormuz.
00:34There's also anxiety over mines, which a top trade group says remains a critical detail.
00:39And a backlog of ships waiting to transit the waterway could also take weeks to work through.
00:43But if Hormuz does reopen, it would mean more oil on the market and put an end to any concern
00:48about an energy crisis.
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