Oil prices saw a rally on hopes of reopening the Strait of Hormuz, though analysts suggest Asian economies will face prolonged energy shock impacts. Prices edged up despite earlier sharp declines.

Oil prices have eased sharply on hopes that the US and Iran will agree to reopen the Strait of Hormuz, but analysts say Asian economies are unlikely to quickly shake off the effects of the energy shock even if the key waterway returns to normal. Benchmark Brent crude oil fell 11.15 per cent to US$92.13 per barrel on Friday, from its level a week earlier, its steepest weekly drop since early April. Prices edged up again on Monday, trading at about US$93 per barrel during Asian afternoon trading.....