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Story summary
- Brent crude fell 16% to US$92 after signals of a ceasefire and the Strait of Hormuz reopening.
- The drop could lower New Zealand petrol prices by about 20 cents per litre.
- Gareth Kiernan of Infometrics says a month-long disruption must resolve before normal conditions return.
- AA's petrol price spokesperson says sustained conflict resolution is needed for prices to fall.
- Insurance concerns remain for Strait vessels even if it reopens.
