After months of negotiations, Pakistan's Prime Minister Shehbaz Sharif has announced a deal to end the conflict between the US and Iran, which was confirmed by US president Donald Trump on his Truth Social site.

With oil prices already dropping sharply in response to Trump's statement, the Strait's reopening is something markets and economies across the world will be looking forward to.

But how does this reopening play out in the real world? Well, here are three changes you may notice if the ships start to sail through the strait.

Food prices could start to come down

The strangulation of the strait has been heavily connected to rising food prices over the past few months, and this because of the region's central role in fertiliser production and exports.

In fact, a third of the raw materials needed to make fertilizer passes through the Strait, which is also the route for 20 percent of shipments of natural gas, which is required to make it.

With the deal's announcement, the prices of grain futures – that's contracts for buying crops in the future – are already coming down, indicating markets are feeling confident. If they are right, you could be enjoying cheaper groceries in the coming weeks, with agricultural countries like Zambia, Pakistan and Greece to name a few expected to benefit significantly.

Your hayfever could improve

No, unfortunately there isn't a magic cure for hayfever waiting to pass through the strait. There have however been price hikes for a range of over-the-counter medications – including hayfever treatments such as cetirizine.

This is down to the jump in petrol, diesel and air freight prices that happened when the strait closed. Manufacturing and transport costs for medicine suppliers were quick to follow suit, which were all passed down to pharmacies. What's more, supplies of petroleum derivatives from the Gulf, which are used to make many common medications including paracetamol and aspirin, nosedived. 

This all means that the past few months have seen standard medications jumping in price by up to thirty per cent in countries like the UK.

So, with the opening of the strait, all these interconnected price points and flows could improve, making medication cheaper and hopefully leaving you with less of a headache.

Your summer plans could be back on

If the strait does reopen, and a peace deal stays in place between the US and Iran, some airlines have said that they will slash their prices following any reductions in the cost of jet fuel.

As the strait acts as a global energy chokepoint, handling roughly 20 percent of the world's petroleum supply, the first few weeks of the conflict saw jet fuel prices soaring as supply fell. The demand gradually began to be met by jet fuel imports from countries like the US, Norway and Nigeria, but the longer trading routes and expensive shipping costs meant prices stayed high.

With the strait's reopening looking more likely, airlines will be able to take advantage of increased jet fuel supplies, with some like EasyJet having already hinted at cutting fares if fuel prices dropped. 

That being said, don't expect a sudden refund on any flights you have already bought. Furthermore, the extensive damage to refining capacities across the Middle East mean we could be waiting a while for a full rebalance – and so any dip in prices is hard to pinpoint exactly.

How soon could all this happen by?

While the news is positive, it seems that shipowners are sceptical that the plans will go without a hitch. Speaking with the Financial Times, CEO of Mitsui O.S.K., one of Japan's biggest shipping firms, said on Tuesday that the company would not resume transit through the Strait of Hormuz until they were confident that the US-Iran peace deal was "material", which could take weeks. 

A spokesperson for China's foreign ministry said that China "will continue to do its utmost to safeguard the safety of Chinese-owned vessels and Chinese crew members." 

With the deal between the US and Iran still to be ratified in a ceremony which will take place on June 19th, it may be best to hold off on any holiday bookings until signatures are on the dotted lines.