Will the ceasefire have any impact on UK fuel and food prices?

Will the ceasefire have any impact on UK fuel and food prices?8 minutes agoShareSaveAdd as preferred on GoogleJemma CrewBusiness reporter EPA/ShutterstockImmediate, but temporary, relief. That's the initial economic response to news of a two-week ceasefire: stock markets across the globe rallied, while the price of crude oil plunged.But there is less optimism over how much this will feed through to people's finances, with fears long-lasting damage has already been set in motion.The last month has seen ships carrying oil, liquid natural gas and fertiliser effectively blocked from passing through the Strait of Hormuz, while significant damage to facilities in the Gulf has halted production.Even if the ceasefire holds and a peace deal is reached in time, analysts estimate it will take months to restart production and get supplies back to normal. No immediate change to rising fuel pricesDespite today's plunging crude oil price, it remains higher than pre-war levels and drivers should not expect a significant drop in costs at the pump soon, says the RAC.Its head of policy Simon Williams says there is still huge uncertainty for drivers, and their best hope is for pump prices to stop rising in the coming days. But he says some smaller independent forecourts - which buy oil as it costs on the day rather than in advance at a set price - may be quicker to pass on reductions."Much will depend on the stability of the ceasefire, whether oil shipments can move freely through the Strait of Hormuz, and the longer‑term impact on oil production across the Gulf," he says. He adds a sustained lower price - over several weeks - is needed to meaningfully lower wholesale fuel costs.Will UK petrol and diesel prices start going down?Rachel Winter, from the wealth management company Killik & Co, says it is difficult to predict how quickly costs at the pump might fall."I would expect it to take at least a few weeks, if not a few months," she told BBC Rad...