An economist says it won't be long until 91 petrol is consistently back down at $2.80.

The US and Iran peace agreement to cease hostilities and reopen the Strait of Hormuz is sending positive signals for the global oil industry. 

Westpac chief economist Kelly Eckhold says prices will stay low, once ships are moving normally. 

"We know that there's pretty low inventories out there around the world at the moment, so we need that supply chain to be working at full tilt for a while so that all of those things can get replenished."

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