Neil Crosby of Sparta Commodities said reopening the Strait of Hormuz will take time and that restoring supply to more than 50% may require about a month.

According to Odaily, Crosby said that after a sharp recent pullback in oil prices, price risks are clearly skewed to the upside because “many things can still go wrong,” while additional downside may be limited if everything proceeds as planned.

He added that even if other political processes move forward as expected, vessels currently effectively trapped in the Persian Gulf may leave the area slowly. Crosby also cited mine-clearing as another factor that would not be resolved quickly.