Five ways the Iran peace deal could affect you and your money
Summary
The recent peace deal between the US and Iran aims to end the conflict that disrupted global oil and gas supplies, leading to higher prices. While fuel prices have started to fall, they remain above pre-war levels, and energy bills and airfares may still stay high for some time.Key Facts
- A war broke out in February between the US and Israel on one side and Iran, affecting global oil and gas supplies.
- The Strait of Hormuz, a key shipping route for oil, was closed during the conflict, causing energy prices to rise worldwide.
- On June 18, the US and Iran signed a deal to stop the war and reopen the Strait of Hormuz.
- Petrol and diesel prices have started to decrease but are still much higher than before the conflict began.
- UK household energy bills are set to increase by 13% from July due to existing price caps and high gas prices.
- Jet fuel prices rose sharply during the conflict, pushing some airlines to raise fares; prices have dropped but remain above pre-conflict levels.
- The deal leaves some difficult issues, like Iran’s nuclear program, unresolved for at least 60 days.
- Experts warn that prices for fuel and energy may not return quickly to pre-war levels.
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