Downing Street says the Prime Minister spoke with Pakistan’s Shehbaz Sharif on 10 April, welcoming the ceasefire and stressing that upcoming talks must deliver the full reopening of the Strait of Hormuz. The UK signalled support and urged momentum towards a lasting settlement. (gov.uk)

Markets heard that message quickly. Brent crude fell back below $100 this week, with the international benchmark tumbling roughly 13% to around $95 after the truce was announced. US crude dropped by a similar magnitude as traders priced out a chunk of the war premium. Associated Press and Axios reported the falls and noted it was one of the sharpest single-day moves since the early 1990s. (apnews.com)

The shipping picture is improving more slowly. London market data cited by the Guardian shows marine war‑risk premiums during March spiking to between 3.5% and 7.5% of a vessel’s value, while brokers at Lockton described cargo war‑risk pricing up 200–300% versus pre‑conflict quotes. Lloyd’s List added that seven‑day Gulf war‑risk cover had risen tenfold, reaching multi‑million‑dollar sums per voyage. Even with a ceasefire, underwriters will want evidence of safe passage before meaningfully cutting rates. (theguardian.com)

Coverage is still available, but not on pre‑war terms. Lloyd’s of London said last month it continues to insure hull and cargo through the Gulf, including Hormuz, though several maritime insurers had cancelled or restricted war‑risk policies earlier in March as attacks mounted. That helps explain why freight costs may lag any fall in crude. (theguardian.com)

For UK households and sole traders, the near‑term question is pump prices. The RAC said on 8 April that unleaded averaged 157.71p a litre and diesel 190.62p, up 25p and 48p respectively since 28 February. The AA’s snapshot the day before showed similar levels at 157.2p and 189.2p. Retail prices typically follow wholesale moves with a delay, so any relief from cheaper crude will take time to filter through. (media.rac.co.uk)

A quick sense check on costs: filling a typical 55‑litre petrol hatchback at 157.7p now runs to roughly £86. For a small haulier, every 10p per litre swing in diesel shifts weekly fuel spend by about £70 per truck if consumption is near 700 litres. Scale that across a 10‑vehicle fleet and you’re looking at roughly £700 a week - material for margins in road transport and refrigerated logistics.

Gas markets are also reacting. The Guardian’s live markets coverage flagged an almost 18% drop in the UK May contract to about 111p/therm after the ceasefire headlines, with Trading Economics showing futures near 113p on Friday. If Qatari LNG exports and tanker transits through Hormuz resume, UK wholesale prices should stabilise further - but traders still need proof of volumes sailing. (theguardian.com)

Corporate exposures remain two‑sided. The Evening Standard noted Shell’s first‑quarter update pointed to Qatar disruptions earlier in the period, underlining how quickly LNG outages translate into UK earnings and supply. As oil eased, energy equities slipped while airlines and shippers benefited - a familiar rotation when fuel costs fall. (standard.co.uk)

The ceasefire is only for two weeks, and shipping confidence is fragile. AP reported that high‑level talks in Pakistan are due this weekend and that Tehran has kept a tight grip on Hormuz during the conflict. Shipping analysts also told the Guardian a sudden ‘mass exodus’ through the strait is unlikely; insurers and captains will want several days of safe transits first. That means supply‑chain normalisation, if it comes, will be gradual. (apnews.com)

What to do now: finance teams should revisit cash‑flow forecasts using current fuel quotes, not pre‑war assumptions; speak to brokers about war‑risk extensions and timing for potential premium reductions; and avoid knee‑jerk energy hedges until there’s clarity from the Pakistan talks. The government’s line is that reopening Hormuz is vital - for markets and for households’ monthly budgets - but over the next fortnight we’ll be watching whether ships sail, premiums soften and Brent holds under three digits. (gov.uk)