Petrol prices in Australia are now lower than before the Iran war began. Is the oil crisis over and what happens next?

Petrol prices spiked to about 260 cents a litre in March but are now less than 170 cents a litre, below where they were before the Iran war. Photograph: Hollie Adams/Reuters

Australians were warned soon after the Middle East conflict started that the country could run short on fuel, with prices rising to record levels owing to disrupted oil supplies.

Now, amid an uneasy peace deal and continued supply disruptions, petrol prices are lower than they were before the conflict began and official warnings over fuel usage have largely disappeared.