CERA Warns Months-Long Gulf Oil Recovery Despite Temporary Hormuz Reopening

CERA warns restoring Persian Gulf oil output could take months even after the war ends and Strait of Hormuz reopens, fueling volatility after a 10-day reopening triggered sharp drops in benchmark futures. This follows IEA estimates of up to two years for full Middle East recovery amid a 10.1 million bpd global supply plunge to 97 million bpd in March, with OPEC+ down 9.4 million bpd and over 80 facilities damaged. Spot crude neared $150/bbl earlier, prompting a 400 million-barrel IEA emergency release, with more considered, pointing to sustained upside risks despite near-term swings.