Oil production won't return to normal until after midterm elections — no matter when Iran war ends, new analysis says

It could take at least seven months for the world's oil production to recover once the Strait of Hormuz reopens, market analysts warn — meaning that higher fuel prices will likely last through the Midterm Elections no matter when the war ends.

With the traffic through the key oil chokepoint all but halted, it would take seven months "at minimum" to fully restore production to pre-war levels, the S&P Global Energy firm warned in their Tuesday report.

That prediction, however, is the optimistic version, with S&P warning that damage to energy infrastructure in the Middle East and complications from the war could add months to the timeline.