Leading experts warn that global oil markets could take as long as a year to return to pre-Iran war levels, even if a ceasefire is reached. The Strait of Hormuz, a crucial shipping route, remains closed due to ongoing conflict, complicating efforts to resume oil exports. Following a temporary ceasefire announcement, the price of Brent crude oil initially dropped by about $20 per barrel but has since stabilized above $97. Analysts emphasize that logistical challenges will hinder the reopening of the strait, with Gulf countries resistant to Iran's proposals for toll arrangements. Jim Chalmers, Australia's Treasurer, acknowledged the prolonged economic impacts of the conflict, particularly on fuel prices, which have surged—diesel prices reached record highs of $3.24 per litre. Experts predict that even if the ceasefire holds, it will take several months for oil production to normalize, with the International Energy Agency estimating that 9 million barrels of oil per day are currently paused. The liquefied natural gas sector faces an even longer recovery, with the Ras Laffan facility in Qatar potentially sidelined for two to three years due to damage from the conflict.