Return to pre-crisis oil and gas supplies months away even if strait of Hormuz reopens

Markets rallied and oil prices hit a three-month low following President Trump's announcement of a US-Iran peace deal that would reopen the Strait of Hormuz. The reopening of the strait is expected to allow millions of barrels of oil and gas to resume transport, though global supplies may take months to return to pre-crisis levels due to depleted emergency crude stockpiles.