Oil and gas prices could see little to no movement in the event of an Iran ceasefire unless the Strait of Hormuz is open and proves stable, experts say, as reports of a Middle East ceasefire swirl.

“A cease-fire itself would do little or nothing to impact oil prices directly, unless it directly and clearly impacts the current de-facto shutdown status of the Strait of Hormuz,” Patrick De Haan, head of petroleum analysis at GasBuddy, told the Washington Examiner.