Even though a fragile ceasefire between Iran and the United States and Israel has been announced, it’s going to be a long time before prices of oil and gas come back to pre-war levels, experts say.In response to the US-Israeli attacks, Iran choked off the Strait of Hormuz, the narrow channel linking the Gulf to the Gulf of Oman, through which roughly 20 percent of the world’s oil and gas exports pass from the Middle East, mainly to Asia and also to Europe.Recommended Stories list of 4 itemsend of listIt also attacked energy infrastructure in several Gulf countries, leading to soaring prices of not just energy but also of byproducts like helium, used in a range of products like tiles used in homes and semiconductor equipment. Fertilisers that rely on some of these inputs were hit too, impacting sowing seasons.As a result, consumers the world over, but particularly in developing countries of Asia and Africa, have felt the brunt of those shortages and soaring prices. The question on many minds: Now that there is a ceasefire in place, how quickly will prices normalise?“Anyone who tells you they know the answer to that question is lying,” said Rockford Weitz, professor of practice in maritime studies at The Fletcher School at Tufts University. “It’s too early to tell when we return to normal.”There needs to be a predictable …
