Despite a recent decline in global oil prices spurred by optimism surrounding potential agreements between the US and Iran, South African consumers are unlikely to see a significant drop in fuel costs in the near future. Experts suggest that even with increased oil supply from Iran, various factors will prevent prices from returning to levels seen in early 2026. These factors include existing geopolitical tensions, refining capacity limitations, and the ongoing demand for oil globally. The Rand’s performance against the US dollar also plays a crucial role, impacting the final price paid by consumers. While a US-Iran deal could moderate price increases, a substantial rollback to earlier levels is not anticipated. Motorists should therefore brace for continued fuel price volatility, even as crude oil benchmarks experience temporary dips.