The global energy market is breathing a cautious sigh of relief after a US-Iran peace deal paved the way to reopen the Strait of Hormuz, sending Brent crude tumbling from its crisis peak of $126 a barrel to lows of $82. However, experts warn that returning to pre-war supply levels will take months and requires delicate negotiations with Tehran, as the US emergency oil reserve has fallen to a 43-year low.

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• Strait of Hormuz Reopening: A phased,...