Oil markets have reacted with enthusiasm to an interim agreement between US and Iran which should reopen the Strait of Hormuz and restore oil and gas flows — but that return to normality could be months away, analysts warn.

A deal will ease the risks to supply and continued upward pressure on prices, but rebuilding confidence among shipowners, insurers and refiners will take longer. Many buyers have also already adapted to the disruption by securing alternative supplies and routes, they say, meaning that there will be no straightforward return to pre-war trade.