Brent crude, the global benchmark, traded at around $78.53 a barrel, its lowest level since the conflict began in late February. Prices had surged to about $126 in April as disruption to traffic through the waterway raised fears of a prolonged supply shortage. The agreement requires the strait’s traffic to return to full capacity within 30 days, but shipping is unlikely to resume immediately. Mine clearance, security arrangements and insurance concerns remain major obstacles for vessel operators.