How long until fuel prices come down following US-Iran ceasefire deal? | The Business | ABC NEWS

Relief for the global economy is in sight, with the re-opening of the Strait of Hormuz part of the terms of the US-Iran ceasefire deal. The price of Brent crude dropped sharply on the news but it is still a way off its pre-war low of $US70 a barrel.
On truth social, US President Donald Trump wrote "let the oil flow". Kevin Morrison from the Institute for Energy Economics and Financial Analysis joined The Business to discuss how quickly that could happen. He says the most recent fuel figures from the federal government shows motorists used slightly less fuel during April. Diesel use spiked in March, most likely on the back of stockpiling and there were pronounced moves in aviation fuel usage as planes avoided the conflict zone.
As for ongoing fuel supplies, he says in the short term, it's going to be weeks before first flows of oil or gas are seen, but it's probably going to be well into next year before supplies are back to pre-war levels.
#ABCBusiness
Subscribe: http://ab.co/1svxLVE

Note: In most cases, our captions are auto-generated.

#ABCNEWS #ABCNEWSAustralia