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I can see PEER around T(tin opener), but how does "Run out" fit? Is it one of these strange leather on willow terms?

Of course, it would help to know the source and then we might be able to judge the quality of the clues.

It's Peer (look) around T (opening letter of tin)... Peter = run out

Peter = To diminish slowly and come to an end; dwindle.
To become exhausted. Used with out.

to peter out= run out

To peter out is to get smaller / run out

pe⋅ter1  /ˈpitər/ Show Spelled Pronunciation [pee-ter] Show IPA
–verb (used without object) peter out, 1. to diminish gradually and stop; dwindle to nothing: The hot water always peters out in the middle of my shower.

Mind you, Lyn did ask Peter to explain!!

Does Melanie seem OK?

PS. If you ran out of petrol, you're car would peter out rather than stop suddenly.

Oooops. Time to duck and run methinks. Thank goodness it's Tuesday and the new RT has just arrived in the Coop.

Peter thinks Melanie is hot!

It is a strange word(peter).