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Will the Iran ceasefire stop everyday items increasing in price?

Journalist: Dan Grennan, Daily Star

ended 08. April 2026

Donald Trump has announced a ceasefire in the Middle East and the reopening of the Strat of Hormuz. The price of a barrel of oil has dropped but remains significantly higher than it was before the war. There were fears everyday items including plastic water bottles, fruit and veg and petrol would sky rocket if the war continued. Will prices of petrol and diesel go down? Will other goods also increase in price? What changes can the average Brit expect to see in their spending? 

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Editor
Tony Redondo
Founder at Cosmos Currency Exchange
British consumers shouldn't expect an immediate windfall from the ceasefire and reopening of the Strait of Hormuz. While global crude prices have dropped, UK petrol stations typically follow "rocket and feather" pricing, raising costs instantly during conflict but lowering them slowly as expensive stock clears. Relief at the pump could take weeks. Meanwhile, the elevated energy and fertiliser costs from the war's peak are already baked into food production. Fresh produce will likely stay expensive well into 2026 as manufacturers work through prior overheads, while shipping backlogs mean imported goods won't see instant discounts either. Brits face a summer of high but stable prices rather than a swift return to pre-war lows. The threat of further price spikes may have faded, but war-driven inflation will linger until supply chains and energy markets fully recalibrate, and that assumes the ceasefire leads to meaningful peace talks, rather than just a pause between renewed hostilities.