Overview
- An announced two‑week US–Iran ceasefire Wednesday requires the immediate and safe reopening of the Strait of Hormuz.
- Crude fell sharply on the news, dropping about 13–16% into the low $90s, though prices remain well above the roughly $70 level seen before the conflict.
- UK pump prices are still high, with petrol around 154–158p per litre and diesel near 186–191p, and the RAC says forecourt cuts will trail wholesale declines.
- Air travel is under strain as Brindisi Airport ran out of jet fuel and other Italian airports set refuelling limits, while Air New Zealand announced more cancellations.
- Energy officials say restoring normal flows will take weeks to months and warn prices could rebound if the truce falters, a risk highlighted by President Trump’s earlier threats that rattled markets.