Marketers and analysts have indicated that while the planned reopening of the Strait of Hormuz is expected to eventually ease domestic fuel prices, immediate relief is not anticipated. The recent agreement between the United States and Iran focuses on reopening the strategic waterway, which has been closed for over 100 days due to ongoing conflicts. This development aims to lift blockades and restore normalcy to global oil supply chains, although the effects on local petrol prices may take time to materialize.
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