Deal to Reopen Hormuz Kicks Off Long Effort to Ease Energy Crisis

The long-awaited deal to reopen the Strait of Hormuz brought quick relief to the oil market, sending prices to their lowest levels since early March.

Getting substantial amounts of oil and gas flowing, however, will take much longer.

It can take weeks or months, even in the best of times, to get oil and gas from wells in the Persian Gulf to buyers in China or Japan.

The first big test for whether the deal will work is whether it gives shipping companies enough confidence to send their vessels through the strait, a narrow waterway separating Iran from the Arabian Peninsula. If they do, tankers that have been stranded in the Persian Gulf will be able to bring much needed fuel to buyers around world.

What comes after that will depend a lot on how long companies think the reopening will last. The United States and Iran agreed to a 60-day truce during which they would try to reach a broader agreement on Iran’s nuclear weapons program and U.S. sanctions against the country.

Article source: https://www.nytimes.com/2026/06/15/business/energy-environment/iran-deal-oil-natural-gas.html