Even with the Strait of Hormuz open, it will take months for oil flows and prices to return to pre-war levels.

The US and Iran agreed to reopen the Strait of Hormuz after months of blockade and crypto-based tolls, but shippers face safety and insurance hurdles.

Iran will immediately take steps to reopen the Strait of Hormuz once a tentative deal with the U.S. to end the war is signed and will be allowed to sell its oil without…