Expert: It's important that the reopening of the Strait of Hormuz lasts

That reduction will hit very quickly. You will notice it almost immediately, says Christian Kopfer, commodities analyst at Arctic Securities.

Oil prices had fallen 11-12 percent by Friday afternoon. Christian Kopfer says the market's reaction reflects an increased chance of peace.

And if there is peace, prices will continue to fall.

At the same time, it is important that it leads to something that lasts.

If the strait were to remain open as long as the ceasefire lasts and then be closed again, then we have not gained much.

It will take a while before oil prices are at the same levels they were before the war broke out. Christian Kopfer believes it won't be until this autumn.

You're going to have to rebuild stocks. You're also going to have to repair infrastructure and restart oil production. So there are some disruptions that need to be addressed.