Large-scale resumption of oil shipping isn’t guaranteed

(Ben Geman – Axios) Untangling the largest disruption in oil market history won’t happen quickly or easily — and that means continued high prices and scarcity in major importing countries. A big thing to watch following the U.S.-Iran ceasefire deal is whether it gives tanker owners enough certainty to begin resumption of large-scale traffic of oil, petroleum products and other commodities through the Strait of Hormuz. “Confidence-building measures in coming days are going to be key to restoring shipments,” Joe Brusuelas, chief economist at the financial services and consulting firm RSM US, said in an interview. He notes that insurance for the tankers will need to be reestablished, and that means figuring out the specific conditions Iran may impose, which remain murky right now. Iranian Foreign Minister Abbas Araghchi said in a statement that safe passage over the next two weeks “will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.” – Large-scale oil shipping won’t start again quickly after Iran ceasefire