Oil prices swung wildly Tuesday as the U.S.-Iran war entered a new phase. Brent crude surged to $117 a barrel as President Trump threatened to demolish Iran’s civilian infrastructure. After the announcement of the two-week ceasefire, oil prices plunged more than 16%, falling below $100 a barrel for the first time in weeks. The head of the International Air Transport Association says it would still take months for jet fuel prices to stabilize once the Strait of Hormuz fully reopens.

Willie Walsh: “If it were to reopen and remain open, I think it would still take a period of months to get back to where supply needs to be, given the disruption to the refining capacity in the Middle East, which is a critical part of the global supply of refined products, and not just jet fuel, for other products, as well. So it will probably take months.”