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MANILA, Philippines — Local oil prices may return to pre-Middle East crisis levels in about six months to a year once the United States and Iran finally reach a deal to stop the war, a Department of Energy (DOE) official said on Monday.
Optimism about the peace agreement between the countries involved in the military attacks mounted after US President Donald Trump claimed major progress on talks with Iran.
The deal, which is expected to be signed in Switzerland on Friday, supposedly involves the reopening of the Strait of Hormuz, a crucial maritime route for energy trade.
For the past weeks, oil prices have remained volatile, although the increases were not as hefty as before, with fuel retailers even implementing rollbacks.
