The United States and Iran have signed a two-week ceasefire agreement that requires Iran to reopen the Strait of Hormuz to allow ships to pass safely.
The price of Brent crude oil fell nearly 15% to around $95 (£70.68) a barrel after the announcement, a significant decline from its peak of nearly $120 a barrel early in the war.
But does that mean fuel will suddenly become cheaper?
Nick Marsh, the BBC’s Asia business correspondent, looked into what this means for prices.
