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

Six ways the Iran war could affect you - in charts 9 March 2026ShareSaveAdd as preferred on GoogleJemma Crew,Tommy LumbyandDaniel WainwrightGetty ImagesThe eruption of the US-Israel war with Iran has brought with it consequences that extend far beyond the Middle East.The region plays a key role in global energy supplies and shipping routes, prompting concerns that everything from heating bills to supermarket shopping baskets could become more expensive.Here are five ways the conflict might affect your day-to-day life.1. Petrol and diesel prices start to increase The crisis has caused an immediate rise in fuel prices, as production and transport of oil and gas across the region has slowed or stopped entirely in many cases, but it is unclear how this may play out over the coming weeks and months.As of last Monday in the UK, petrol cost an average of 132.14p per litre at the pump while diesel cost an average of 142.15p per litre, weekly government figures show.Meanwhile, the most recent data from the RAC motoring organisation shows that since the war began, average UK petrol prices have risen by 4.68p to 137.51p a litre. Diesel has increased by 8.59p to 150.97p.In the US, average petrol prices had risen to $3.02 (£2.26p) per gallon last Tuesday from $2.94 per gallon the Tuesday before the war started, while diesel had risen from $3.81 to $3.90 over the same period.These early increases are well below those seen in 2022 after Russia launched its full-scale invasion of Ukraine.In the week before the invasion, unleaded petrol cost an average of 147.77p per litre in the UK. Less than fourth months later, in early July, it had jumped by more than 43p per litre.In the US, prices for petrol and diesel peaked at over $5 a gallon in June 2022.2. UK gas prices double in just over a weekUK gas prices have doubled since the beginning of the conflict.The benchmark UK price was below 80p before the conflict began. It briefly hit 171p a therm when trading started on Monday, before sl...