Deal or no deal, energy markets may never return to normal

Kevin Birn, oil analyst and head of carbon research with S&P Global, says the conflict in Iran has permanently altered global energy markets, pushing countries to prioritize energy security and supply diversification. Even if a peace deal is struck and the Strait of Hormuz reopens immediately, he argues it could still take months to reconnect damaged supply chains, clear vessel backlogs, and restore disrupted production across the region.

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