Oil prices fell 3% after a U.S.-Iran peace deal aimed at easing Strait of Hormuz tensions, but traders warn the market will stay tight for weeks to months. Vessel repositioning, infrastructure repairs, and inventory rebuilding will delay normalcy. GPS signals returned to the strait, easing navigation after prolonged disruptions, but Chinese seafarers reported no orders to resume operations or line up at the strait’s mouth. Iran’s navy has not yet confirmed via radio that the waterway is open, signaling a cautious restart.