A proposed US-Iran deal to reopen the Strait of Hormuz is raising hopes for global shipping and oil markets. But mines, high insurance costs and geopolitical risks mean disruption could persist for months.

Iran has insisted it will maintain control over the Strait of Hormuz, a key maritime trade route for oil and gas shipments from the Gulf.

Trump announces that a ceasefire deal with Iran has been agreed, and that the Strait of Hormuz will reopen for shipping.

Shipowners and traders are cautiously awaiting details on a potential reopening of the Strait of Hormuz, a vital oil and gas route disrupted by conflict. While a US-Iran deal is…