Analysts: The reopening of the Strait of Hormuz is progressing slowly, and the risks to oil prices remain skewed to the upside.

According to a report by Neil Crosby of Sparta Commodities, the reopening of the Strait of Hormuz will take time, and it could take up to a month for supply to recover to over 50%. He stated that after the recent sharp drop in oil prices, price risks are clearly skewed to the upside because "there are still many things that could go wrong," and if everything goes according to plan, there is limited downside potential. "Even if the rest of the political processes proceed as planned, the process of those ships currently stuck in the Persian Gulf leaving the area could be quite slow. There's also the issue of mine clearance, which won't be quick either." (Jin Shi)