Iran Deal Affects Oil Prices: UK Petrol at 154.72p Per Litre

On June 18, Iran and the US signed a peace deal impacting oil supply routes, particularly re-opening the Strait of Hormuz. In the UK, petrol prices averaged 154.72p per litre and diesel 174.30p, rising from 132.05p and 141.60p respectively prior to the US-Israel war. In the US, gasoline prices increased from $2.94 to $4.05 per gallon, while diesel rose from $3.81 to $5.06. As global oil prices adjust, analysts predict potential decreases in pump prices over time, but they caution about the pace of any reductions.