Will fuel prices drop following the announced ceasefire between the US and Iran?

It'll be a while before we see these prices drop Source: Getty / Anadolu

The United States, Israel, and Iran have agreed to a two-week temporary ceasefire after U.S. President Donald Trump withdrew his threat to bomb Iran's civilian infrastructure.

The ceasefire announcement in the Middle East is expected to ease the burden on motorists regarding fuel prices, following Iran's agreement to open the Strait of Hormuz to shipping vessels.
However, even if the ceasefire holds, it will likely take time before prices fully drop, as the disruptions to the global market may leave a long-lasting impact.
Authorities are once again calling for calm as the Australian government guarantees there is a sufficient oil supply through May, while simultaneously working to secure additional supplies from foreign partners.

Government says Australia has locked in another month's worth of fuel, but consumers brace for higher prices

Australia moves to reassure drivers of fresh supply as shortages spread

Work from home, drive slower: International Energy Agency shares recommendations for global fuel saving

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