U.S. officials said a deal in principle could reopen the Strait of Hormuz, but details remain sketchy. Shippers face uncertainty about when traffic will resume and how quickly oil prices will ease. The question hangs over a corridor that moved 20 percent of crude before the February clash.

Even if the canal clears, shippers will weigh the durability of the peace pact before sending tankers through the narrow waterway. Clearing mines could take two to three months, a figure the International Energy Agency warned will delay resumption of steady export flows and inflate shipping costs.

Oil prices already top $4.51 a gallon in the U.S. AAA Motor Club data shows the surge has stoked a slowdown in the global economy. The crisis exposed how fragile supply chains are and may push governments toward renewable energy and electric vehicles to cut dependence on oil.

Meanwhile, the U.S. and other navies must mobilize mine‑sweeping assets, a process that could cost billions in equipment and manpower. Until the strait clears, insurers will likely demand escorts, adding delays and costs that could keep gasoline prices high for months in all for fuel prices now today.