The International Monetary Fund (IMF) says energy and commodity prices have fallen since the US and Iran agreed to halt hostilities and reopen the Strait of Hormuz, but warned that Gulf trade flows will take time to return to normal, Al Jazeera.

IMF spokesperson Julie Kozack says the Fund will decide in its July 8 World Economic Outlook update whether to keep the three growth scenarios it issued in April, which were based on possible outcomes of the US and Israel’s joint war on Iran.

In May, as the Strait of Hormuz remained closed and oil prices stayed above $100 a barrel, Kozack said the global economy was moving away from the more stable “reference forecast” towards an “adverse scenario” of 2.5 per cent growth.