MoneyPetrol pricesThe US and Iran are set to sign the agreement on Friday, with oil prices already falling off the back of hopes that the Strait of Hormuz will reopen09:42, 17 Jun 2026Updated 09:42, 17 Jun 2026Oil prices fell this week over hopes that the US-Iran peace deal could see the reopening of the Strait of Hormuz this week.Tehran and Washington are set to sign the agreement in the Swiss resort of Burgenstock on Friday, however, full details have yet to be made public yet.US President Donald Trump has said Iran has agreed to "never have a nuclear weapon" and the Strait of Hormuz will be reopened immediately and be "toll-free" .The price of Brent crude slid below $80 a barrel at one stage on Tuesday on hopes that the important shipping route will be up and running again. The Iran war saw it peak at above $120.The RAC says an ongoing fall in oil prices will be good news for drivers who have been hammered with soaring prices for petrol and diesel in recent months.The average price of unleaded petrol is currently 155.45p per litre, down from its Iran war peak of 159.53p a litre on May 28.The average price of diesel is now 175.86p per litre, having fallen from its peak of 191.54p per litre on April 15.RAC head of policy Simon Williams said drivers could potentially see further reductions in the pumps within the next two weeks.He said: "If oil now begins to consistently trade around $85 – something we haven't seen since early March – we should see the price of petrol reduce to 148p a litre from its current average of 156p in the next couple of weeks.“Diesel, which currently costs an average of 177p, ought to fall to under 160p. Before the war began we had an oil price of $70 which translated to an average petrol price of 132p and 141p for diesel."Motorists are being urged to use driving apps to compare fuel prices, so they can get the most for their money. UK forecourts now are required to report price updates to a Fuel Finder database within half an hour of a change.Fuel Finder then shares this data with apps including Confused.com, DriveScore, Fuel Finder UK, Fuel Spy, MotorMouth, PetrolPrices.com, RAC Fuel Watch and the AA, to allow motorists to compare prices.Chancellor Rachel Reeves has also told petrol retailers they have a “shared obligation” to keep prices down for drivers.Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌Donald TrumpPetrol pricesOil pricesIran