Explained: What could the US-Iran peace deal mean for fuel prices?
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An economist says it won't be long until 91 petrol is consistently back down at $2.80.
The US and Iran peace agreement to cease hostilities and reopen the Strait of Hormuz is sending positive signals for the global oil industry.
Westpac chief economist Kelly Eckhold says prices will stay low, once ships are moving normally.
"We know that there's pretty low inventories out there around the world at the moment, so we need that supply chain to be working at full tilt for a while so that all of those things can get replenished."
LISTEN ABOVE
- It's a deal: US and Iran end conflict in Middle East, including Lebanon
- Trump says Iran peace deal to be signed Sunday, Strait of Hormuz to reopen
- 'Peace has never been this close': Iran says deal to end war is near - but Trump lashes out
- Deal or no deal? Trump says 'great settlement' reached, Iran denies any agreement
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