Economist: Reopening of Hormuz Strait may temporarily ease oil prices, but unlikely to return to pre-war levels

Golden Ten Data reported on April 17 that Joseph Brusuelas, Chief Economist at RSM US, stated that given the energy supply shortages in Asia and imminent supply issues impacting Europe, the reopening of the Strait of Hormuz for commercial shipping is “encouraging and timely.” He noted that crude oil and gasoline prices will ease in the short term, but warned not to expect a rapid return to pre-war levels, as the damage to production and refining capacity in the Persian Gulf could take months or even years to repair.