Both the United States and Iran are signalling that a deal to end fighting in Iran is close.

This is the 39th time that US President Donald Trump has declared that a deal is imminent but this time Iran has agreed, with Foreign Minister Seyed Abbas Araghchi saying an agreement has “never been closer”.

Trump reposted Araghchi’s statement, which also asked the media not to speculate about the content of the deal.

Pakistani Prime Minister Shehbaz Sharif, who has been mediating between the sides, said, “a final, agreed upon text of the peace deal has been reached and Pakistan is now working closely with both sides to finalise the next steps”.

But Australian motorists are unlikely to get the benefits from any deal because of the looming end of the fuel tax cut.

Analysts said even if such a deal were reached, the impact on Australian petrol and diesel prices would be minimal.

While fuel prices spiked in the immediate aftermath of American and Israeli strikes on Iran, in most states and territories they are now lower than before the war, mainly because of a halving of the fuel excise.

Prime Minister Anthony Albanese and Energy Minister Chris Bowen have been setting expectations the tax cut will likely wind up from July, but sources said the measure was under almost weekly review.

If an end to the war was announced in the next few weeks, oil prices would likely trend down gradually, AMP chief economist Shane Oliver told AAP.

“If oil prices stay where they are now and the fuel tax cuts are reversed, then you’d be adding at least 32 cents a litre to petrol prices,” he said.

“But we’ll probably still end up a little bit above where we were before the war, because the oil price will take a while to get back to normal levels, and there’ll still be a bit of a risk premium priced in (because of) worries that it will flare up again.”

Talk of a peace deal won’t mean much to motorists until tanker traffic resumes, the NRMA says. Photo: AAP

Iran has recently announced a full closure of the Strait of Hormuz, which in peacetime carries roughly a fifth of the world’s oil supplies.

NRMA spokesman Peter Khoury treated the president’s comments sceptically, saying they meant nothing until peace was signed, sealed and delivered.

“Until the peace deal is signed, and the strait is reopened, and we start to see tanker traffic flowing, it’s unlikely to mean much to the Australian motorist,” Khoury told AAP.

Treasurer Jim Chalmers on Thursday indicated the government was unlikely to extend the excise cut because of its $3 billion cost but said the measure was under constant review.

-with AAP