UMVA has learned that Secretary of State Marco Rubio announced the framework for a peace deal could be finalized “in a few days,” even as U.S. strikes slammed Iran.
The market reacted with skepticism, pushing Brent crude up 2.4% to £73.16 per barrel—still far below the mid‑April peak of £89.14. Any further rise could seep into pump prices if the Strait of Hormuz remains blocked.
The strategic chokepoint, through which roughly one‑fifth of the world’s oil and LNG flow, has been largely impassable since the conflict erupted, keeping global markets on edge.
RBC Capital Markets’ global macro strategist warned that lingering uncertainty over a deal continues to ripple through energy prices, underscoring the fragile balance.
“It went from agreement is near to everyone needs to sign the Abraham Accords to bombing, so it’s not entirely clear what’s going on there,” Rubio observed, highlighting the volatile swing between diplomatic optimism and renewed hostilities.
On a brighter note, diesel slipped to an average of 184.96p per litre, down 6.58p from its mid‑April high, marking the first time it fell below the 185p threshold since early April.
Yet the broader picture remains stark: a 55‑litre tank of petrol now costs £87.69, a £14.63 jump since late February, while diesel’s price tag has surged to £101.73, up £23.42 in the same span.
Just before the strikes, wholesale crude prices had begun to retreat, and Rubio claimed negotiators held “a pretty solid thing on the table,” hinting a cease‑fire might be sealed that day.
President Trump echoed the sentiment, insisting negotiations were “proceeding nicely,” while Iranian officials acknowledged progress but warned a deal was “not imminent.”
Brent crude briefly dipped 5.5% to £72.73 per barrel before rebounding on strike news, leaving the outlook clouded as leaders juggle competing agendas in the quest for peace.
