The US and Iran have made a two-week ceasefire agreement, which includes Iran reopening of the Strait of Hormuz for ships to pass through safely.
Brent crude oil prices dropped by nearly 15% to roughly $95 (£70.68) per barrel after the announcement, a significant decline from highs of nearly $120 a barrel earlier in the war.
But does that mean our fuel prices are suddenly going to be cheaper?
The BBC's Asia business reporter, Nick Marsh, looked into what this means for prices.
