The Strait of Hormuz has reopened after a US-Iran understanding eased immediate supply concerns. The move may cool crude prices, but any relief in petrol, diesel and LPG is likely to be limited and gradual.

The Strait of Hormuz has reopened after a US-Iran understanding eased immediate supply concerns. The move may cool crude prices, but any relief in petrol, diesel and LPG is likely to be limited and gradual.

Nigeria is affected because its downstream sector is deregulated and domestic fuel prices are tied to global market forces

US President Donald Trump said the Strait of Hormuz would reopen after the planned signing of the deal on Friday.