A two-week Iran ceasefire agreed between Tehran and US‑Israeli forces has reopened the vital Strait of Hormuz and sent global oil benchmarks sharply lower, raising hopes in the UK that petrol prices could start easing at the pumps as early as this week.
The deal, announced by Donald Trump shortly before a self‑imposed deadline in the early hours of Wednesday UK time, pauses missile, drone and air strikes across much of the region but only if a series of strict conditions are met.
