‌Yet just what has the President achieved after five weeks of war which has brought so much death and destruction and wreaked economic havoc? Pressure will rightly be on forecourts to pass on the sharp fall in oil prices - down below $95 a barrel - in the wake of the ceasefire deal. And, unless wholesale energy costs slump, household gas and electricity prices are very likely to rise in July. Should the ceasefire be sustained, and be replaced with a permanent deal, then the immediate crisis may have eased. Article continues belowBut the damage wrought to oil facilities in the Gulf will take years to repair, with the knock-on impact for prices.

Source: Daily Mirror April 08, 2026 08:39 UTC