On 18 June, diplomats in the Middle East signed what many had hoped would be the agreement to end four months of economic pain: a ceasefire between the United States, Israel, and Iran. The Strait of Hormuz — the narrow waterway through which roughly one-fifth of the world's traded oil passes — was finally set to reopen. Markets responded with cautious optimism. But for drivers filling their tanks in Manchester or Minneapolis, the relief has so far been measured in pennies rather than pounds or dollars.

The numbers tell a precise story of how much the February outbreak of fighting disrupted ordinary life. In the United Kingdom, petrol averaged 154.72p per litre on Thursday — compared with 132.05p before the conflict began — while diesel stood at 174.

30p against a pre-war level of 141.6p. American drivers were paying $4.05 per gallon for gasoline and a striking $5.

06 for diesel, up from $2.94 and $3.81 respectively. Prices have begun drifting downward as hopes for peace solidified over recent weeks, but they remain well above their pre-February benchmarks across both continents.

Energy analysts caution that the path back to pre-war normality is unlikely to be smooth or swift.