New Delhi, May 7 -- Even if peace breaks out in the Middle East, it will be months before the oil market returns to anything resembling normal-and much of the industry may never be the same.

The lag in restoring operations after the largest supply disruption in history will keep oil prices elevated for months, and will likely add a smaller premium for well over a year, experts say. On Wednesday, oil prices were falling on news that the U.S. and Iran were close to agreeing to the framework of a peace deal. Brent crude futures, the international benchmark, settled down 7.8% to $101.27. The State Street Energy Select Sector SPDR exchange-traded fund was down 4.1%, with Exxon Mobil falling 4.3%.

But investors shouldn't expect oil prices to ...