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Iran Truce Spurs Hopes for World Economy, but Recovery Will Be Rocky

Two ships transited the Strait of Hormuz on Wednesday after Iran agreed to reopen the strategic waterway, sending international oil prices tumbling below $100 a barrel.
News of the ceasefire between Iran and the United States followed reports that 75 energy plants suffered damage, with International Energy Agency executive director Fatih Birol telling French daily Le Figaro on Tuesday that "recovery will take a long time."
Shipping association Bimco chief analyst Niels Rasmussen expressed doubt about a large influx of vessels, while French Union of Petroleum Industries president Olivier Gantois expects fuel prices to fall by "5 to 10 cents" per litre "very quickly."
IATA warned jet fuel supplies will take "several months given the disruptions to refining capacity," forcing airlines to "pass on the increased costs to ticket prices," while restrictions remain in Dubai, Abu Dhabi, and Doha.
Claudia Panseri, chief investment officer at UBS Wealth Management France, cautioned that if "the price of oil rises back to $100 a barrel" within two weeks and no agreement holds, inflation and growth impacts will be more pronounced.

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