The US and Iran interim deal is aimed at reopening one of the world&#x27;s most important shipping lanes. But even if an agreement is signed, how quickly can things return to normal? How soon can oil tankers and LNG shipments return to service? When might energy supplies begin to ease? And how long before drivers, businesses and households actually feel the benefit through lower prices? Markets may react within hours, but the real-world impact could take much longer. This is the latest episode of our weekly Power Players show. It&#x27;s hosted by Rahul Tandon in the UK and our North America Business Correspondent Michelle Fleury in New York, in conversation with the BBC&#x27;s Economics Editor Faisal Islam. Producer: Niamh McDermott Editor: Stephen Ryan Executive producer: Justin Bones (Photo: People drive past an anti-U.S. billboard depicting US President Donald Trump and the Strait of Hormuz, in Tehran, Iran, 17 May, 2026. Credit: Majid Asgaripour/WANA - West Asia News Agency)

When will petrol and gas get cheaper again?

Business Daily

Raul, have you ever signed a deal and it's taken ages for it to kick in? Well, you won't be surprised about this, Michelle, but I do like deals, not just cinema deals. But yeah, when I bought my house, I got so excited. Then it took me months to actually get in it. So I had to live with my parents, which I didn't mind so much. But I have to say, if you ask my wife about it, you might get a slightly different answer to it. All right. Well, we're not talking about domestic deals here. We're talking about something a little bit bigger. The US and Iran are due to sign a big deal on Friday and it involves the Strait of Hormuz.

And when it closed, you may recall one fifth of the world's oil stopped moving. The world immediately felt it. So how quickly can everything go back to normal? That's on today's episode of Business Daily. I'm Michelle Fleury in New York. I'm Rahul Tandon here in the UK. Normally, I would have William Bain sat next to me,

but Michelle is deserted. He's gone off to watch some cricket instead, which I think is a bit rude of him. I thought you were going to say he'd hot-footed it to Mexico or something to watch one of the host countries in the World Cup. No, no, no, no, no, no, no, no. He's gone to watch the cricket, but I think we've got a better replacement. We've got someone who's even better than him, have we? Yes, we have. A very special guest. The BBC's economic editor, Faisal Islam, is with us. Welcome to the show. Hi, Michelle. Hi, Raul.

When will petrol and gas get cheaper again?

Read the full transcript

The candid version is on a podcast,
not the earnings call.

When will petrol and gas get cheaper again?

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.