Five ways the Iran peace deal could affect you and your money

Five ways the Iran peace deal could affect you and your moneyImage source, Getty ImagesByDaniel Thomas, Business reporter and Miguel Roca-Terry, Business data journalistPublished6 March 20264425 CommentsUpdated 19 June 2026The outbreak of the US-Israel war with Iran in February caused shockwaves across the global economy.The region plays a major role in global oil and gas supplies, and the closure of the key Strait of Hormuz shipping corridor has driven up prices on a wide range of things from energy bills to air fares.On 18 June, Iran and the US signed a deal aimed at bringing an end to the war, with the Strait set to reopen.But negotiations on some of the thorniest issues - including Iran's nuclear programme - will be deferred for 60 days, raising questions about how long this agreement will last.Here are five ways the deal might affect your day-to-day life.1. How far will petrol and diesel prices fall?The war caused an immediate rise in motor fuel prices, as production and transport of oil in the Middle East slowed or stopped entirely. Prices at the pump have started to drift lower in recent weeks on rising hopes for a peace deal.But they are still far above where they were before the conflict began. As of Thursday in the UK, petrol cost an average of 154.72p per litre, while diesel was an average 174.30p per litre, according to RAC Fuel Watch data.Nearly four months ago, petrol was 132.05p a litre and diesel was 141.6p. In the US, prices have also started to fall away since the average gasoline price topped $4.50 last month. The latest data shows the average gas price stands at $3.97 (£3) per gallon, external, up from $2.98 per gallon before the war started, while diesel has risen from $3.76 to $5.09 over the same period.Simon Williams, head of policy at the RAC, said the recent fall in global oil and wholesale petrol prices if sustained - will "in time lead to much lower prices at the pumps".But he said: "The big question is how fast will th...