Oil prices are now back to prewar levels, but the market is not. Here’s what could happen next.

Oil prices have finally fallen back to pre-Iran war levels — but the crude market is far from seeing a normalization of shipping, oil supplies and demand that such a big retreat implies.

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faster-than-expected reopening of the Strait of Hormuz has been part of the reason for oil’s roughly 10% price decline since mid-June, when the U.S. and Iran announced plans to extend their cease-fire by 60 days and to reopen the waterway.