After the U.S., Israel and Iran agreed to a ceasefire on Tuesday night, oil prices eased on Wednesday. Many details of the ceasefire remain unclear – including when and how the Strait of Hormuz will become passable again. Since the effective closure of the Strait, the rising cost of oil has been impacting prices across a number of industries – from airfare, to delivery, to groceries. In some cases, fuel surcharges are as high as 45 per cent.

Today, the Globe’s consumer affairs reporter, Mariya Postelnyak, breaks down why we’re seeing prices go up, whether they’ll stick around, and how consumer behaviour is shifting.

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