Institution: Energy supply in the Hormuz Strait may quickly be restored.

Norbert Rucker of Swiss Bank Pictet stated that energy supply should quickly return to normal after the temporary peace agreement between the United States and Iran. The sharp drop in oil prices below $80 "seems to stem from the financial markets, as well as rapid shifts in futures positions by hedge funds, algorithmic traders, and other quick money". Nonetheless, limited infrastructure damage and continued energy production during the conflict should support a rapid recovery in supply. Trade passing through the Strait of Hormuz has gradually recovered, and alternative export routes have been fully utilized. Pictet Bank believes that the energy market seems to be heading towards oversupply, holding a cautious view on oil and a neutral view on natural gas.