U.S.-Iran peace deal's supply chain effects may be slow-going

What they're saying: "Sailing through the strait will remain riskier and more costly than before the war," Oxford Economics' Ben May wrote in a note Monday morning.

• May noted that damage from underwater mines or a sudden re-escalation of the conflict will keep insurance coverage for the strait higher than pre-war levels.
• Reuters reported Monday morning that ensuring the strait is safe from mines could take weeks.
• "Physical flows are still likely to recover gradually rather than immediately, even if prices respond more quickly to signs that a credible reopening deal is in place," May wrote.

The bottom line: The peace deal might reduce geopolitical risk, though the effects on global supply chains might come more slowly.