Will the ceasefire in Iran help the UK economy?

Tue, 11 Aug 2026 05:06:07 +0000

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The ceasefire announcement between Iran and the USA has triggered a fall in global oil prices, and stock markets rallied after weeks of economic turmoil.

The US-Israeli strikes on Iran and Tehran’s response, including targeting Gulf states and effectively closing the Strait of Hormuz, had sent fossil fuel prices soaring around the world.

Petrol and diesel costs for motorists in the UK rose sharply after Trump launched his military action.

The average price of diesel was 190.6p on Wednesday morning, up 34% since February 28 when the US-Israeli campaign began, while average unleaded prices reached 157.7p, up 19%, the RAC said.

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