Oil prices fell after the United States and Iran reached an agreement to end the war and reopen the Strait of Hormuz. Brent crude dropped 3.9% to about $84 a barrel, and later fell 5% to $82.91 a barrel shortly after 5 a.m. ET on Monday. U.S. crude dropped 5.5% to $80.21. High oil and gasoline prices and energy supply problems won't be solved overnight after the Iran deal. Oil and gas supplies could take months to return to normal. Middle East oil and gas output will take weeks, months or even years to fully recover after the US-Iran deal, according to Al-Monitor. Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the Strait of Hormuz, according to AP News. The U.S. Strategic Petroleum Reserve has fallen to the lowest level in more than 40 years, standing at 340.3 million barrels as of June 12, according to CNBC. The reserve fell nearly 9 million barrels week over week. Oil executives have warned that global inventories are rapidly depleting to critical levels. Exxon senior vice president Neil Chapman said inventories are approaching unprecedented low levels and warned on May 28 that oil prices would spike as inventories fall while summer fuel demand is set to peak. Inventories will continue to decline even after the U.S.-Iran deal is implemented, according to CNBC. US fuel prices will take months to normalise after the US-Iran deal to end the war, according to Al Jazeera. Oil and gas supplies may need months to recover after the Iran deal, according to Daily Sabah. The effect of the deal won’t be seen immediately due to slow shipping and refining processes and security doubts.