Michelle Brohard of Kipler suggests a potential "mini deal" where Iran could implement a toll system to control the Strait of Hormuz while nuclear issues are addressed separately.

It is expected that Saudi Arabia and the UAE will restore oil production relatively quickly, but Iraqi production will take a long time to come back online.

Michelle Brohard of Kepler believes the back of the oil futures market, specifically contracts for December 2026 through December 2027, is undervalued relative to current geopolitical risks.

If Iran successfully imposes a transit toll on the Strait of Hormuz, it could set a precedent for countries like China or Turkey to charge tolls for their strategic waterways.