Petrol and diesel prices have continued to rise as motorists await word on whether the US-Iran ceasefire will result in lower gas prices. Oil prices fell immediately when an agreement to suspend the violence was announced, but increased on Thursday due to doubts over whether the ceasefire would be maintained.
The price of oil remains significantly higher than it was before the war, and drivers have been told not to expect a big decline in costs anytime soon. However, one motorist group has stated that if the ceasefire is maintained, fuel costs may begin to reduce in the coming weeks. After Israel launched a wave of strikes on Lebanon, doubts about the long-term viability of the US-Iran ceasefire rose.
Tehran has warned of a “regret-inducing response” if the situation continues. US President Donald Trump has stated that the country’s military will remain in the region until Iran complies with the “real” ceasefire accord. One of the terms of the cease-fire deal was that ships could safely utilize the Strait of Hormuz, a critical shipping route for world oil and gas supplies.
However, speculations that Iran will keep the critical shipping channel blocked due to the Israeli strikes have reignited fears of a prolonged disruption in energy supply, which would keep fuel prices high.
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