High oil and gasoline prices and energy supply problems won\u2019t be solved overnight, despite an agreement to end the Iran war and open the Strait of Hormuz announced Sunday.<\/p>\n\n\n\n
It will likely take months before energy companies can resume operations to the point of meeting the world\u2019s demand, according to energy experts. The slow pace of the process of shipping and refining crude oil, and doubts about the security of traveling through the strait mean the effect won\u2019t be seen immediately, they said.<\/p>\n\n\n\n
Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the waterway, through which about a fifth of the world\u2019s oil and gasoline supplies typically traveled before the war began.<\/p>\n\n\n\n
\u201cIt\u2019s going to take time for people to feel comfortable and for insurance to be in place … particularly to get people on the ground to restart some of these assets,\u201d said Daniel Evans, global head of fuels and refining research at S&P Global Energy.<\/p>\n\n\n\n
\u201cTo bring a ship in, you need to be confident that you\u2019ve got a big enough window of safety to bring it in, load it and move it out,\u201d he added.<\/p>\n\n\n\n
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