The flow of oil through the Strait of Hormuz will take time to return to normal.

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92.

The strait – which links the region to world markets – has been subject to a double blockade, with curbs imposed by both Iran and the US.

US and Iran are reportedly nearing a deal to reopen the Strait of Hormuz, with senior American officials indicating progress despite President Trump's caution against rushing.…

Agreement would begin with 60-day ceasefire, during which Strait of Hormuz would open again

Things won't be normal for a long time.

Commercial shipping would be restored to pre-war levels in key waterway under proposed deal