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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose and Zoe Wood

What could US-Iran peace deal mean for UK household costs?

United Kingdom Iran Nicholas Mendes Petrol Luke Bosdet AA Hormuz Oil
Petrol and diesel prices on a sign outside a petrol station in Wigan, England, this month
The disruption to Gulf supply chains is expected to keep petrol and diesel prices relatively high for a while. Photograph: Paul Ellis/AFP/Getty Images

Around the world, markets reacted with relief this week to news that Donald Trump had signed a draft peace deal with Iran that promised to reopen flows of oil and gas from the Gulf to global buyers.

There are already signs the truce could unravel, with Friday’s peace talks in Switzerland abruptly called off, but for now markets seem persuaded that commercial vessel traffic through the key waterway can start returning to normal.

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