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

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 this happen, and whether the fall in pump prices happens as swiftly as the rise drivers had to endure through March and April did.”