President Donald Trump said over the weekend that oil and gas prices "could be the same or maybe a little bit higher" in the coming months.
US Treasury Secretary said a "small bit of economic pain" was worth it to eliminate the threat of Iranian strikes on Western capitals.
Crude prices fell back below $100 a barrel as markets hope an agreement can be reached between the two sides.
China, the biggest buyer of Iranian oil, says the US naval blockade undermines an "already fragile ceasefire".
The motoring group says prices could start to come down over the next couple of weeks.
Lincolnshire Police is warning the crime may become more common due to the rising price of oil.
The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.
UK petrol prices have risen because of the US-Israel war with Iran but the ceasefire could see prices drop.
Trucking operators say their costs have doubled in a vast country reliant on the industry to deliver goods.
