A bulk carrier sits anchored as families gather on the last day of Eid at Sultan Qaboos Port in Muscat, Oman, on March 23, 2026. Elke Scholiers/Getty Images
Persian Gulf oil production may not be restored to pre-conflict levels until 2027.
Although details have yet to be officially released, the memorandum of understanding between the United States and Iran is nearing completion, signaling a possible end to the three-month-old conflict and a potential return of stability to global energy markets.
