It will take weeks to clear the backlog of ships in the Strait of Hormuz, industry executives and shipping experts have warned CNBC, as the critical waterway is set to reopen.

Oil prices initially dipped below $80 per barrel on news that the U.S. and Iran had ALLEGEDLY agreed on a deal to end their war, as traders looked to the supply of oil, LNG and other goods being restored after nearly four months of war caused a maritime traffic jam of ships unable or unwilling to transit the Strait.

U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed the "memorandum of understanding" on Wednesday night. It calls for the full reopening of the Strait of Hormuz without tolls by Iran for at least 60 days.

But restoring enough physical supply to the market to keep prices at a stable sub-$80 level could take weeks, and in some cases months, market watchers have told CNBC.

Operators, port authorities and energy companies across the Gulf remain in a holding pattern, with key logistical and security questions still unresolved.

“The most likely scenario is a phased restart, with some form of traffic-management mechanism involving Iran and Oman,” Adam Sharpe, vice president of editorial at Lloyd’s List Intelligence, told CNBC.

“But the unresolved questions are significant: whether vessels need prior permission, whether Iran will impose service charges, whether foreign naval escorts are accepted, and whether mines or other residual risks require a clearance process.”