Huge blow for petrol prices

• The US will not extend the expiring agreement with Iran, which was meant to give Washington and Tehran a window to reach a lasting peace deal within 60 days.
• Tensions over Hormuz have sparked flare-ups in hostilities, multiple fronts have created a tinderbox across the Middle East, and there's been no movement on addressing Iran's nuclear capabilities.
• Any renewed fighting would likely complicate efforts to revive the deadlocked negotiations between the US and Iran, and could also lead to increased economic measures against Tehran.