Hormuz reopening eases market nerves, but global supply shocks linger

Iran’s two‑week reopening of the Strait of Hormuz reduces near‑term risk but does not erase weeks of disruption: backlogs of ships, energy shortages, and higher inputs like fertilizer and helium will keep prices elevated and inflation pressures in play for months. While oil briefly fell on the pause, markets expect prices to stay above pre‑war levels for 2024, and central banks will remain cautious as they balance growth with still‑unresolved supply constraints and geopolitical uncertainty.