The US Energy Information Administration (EIA) says that it expects Iran to be forced to reduce its oil output, partly due to the US blockade on its ports, Al Jazeera reports.
In a statement, it expects oil output and trade patterns will not return to prewar levels until late this year or early next year, even once shipping resumes through the Strait of Hormuz.
It adds that if the strait remains closed through late June, then crude oil prices will be $20 per barrel higher, as the current forecast is based on projections that the strait will reopen late this month.
