Deal to Reopen Hormuz Kicks Off Long Effort to Ease Energy Crisis

The long-awaited deal to reopen the Strait of Hormuz brought quick relief to the oil market, sending prices to their lowest levels since early March.Getting substantial amounts of oil and gas flowing, however, will take much longer.It can take weeks or months, even in the best of times, to get oil and gas from wells in the Persian Gulf to buyers in China or Japan.The first big test for whether the deal will work is whether it gives shipping companies enough confidence to send their vessels through the strait, a narrow waterway separating Iran from the Arabian Peninsula.If they do, tankers that have been stranded in the Persian Gulf will be able to bring much needed fuel to buyers around world.What comes after that will depend a lot on how long companies think the reopening will last.

The United States and Iran agreed to a 60-day truce during which they would try to reach a broader agreement on Iran’s nuclear weapons program and U.S.sanctions against the country.That should be enough for empty vessels that are near the strait to make the journey to ports in countries like Iraq or Kuwait and back out again.

But it might be a tougher calculus for tankers farther away, particularly if shipowners have doubts about the durability of the deal.Another big question is whether oil and natural gas producers in the Gulf will have the confidence to begin the difficult work of bringing wells, refineries and other infrastructure back online.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....