Global crude oil prices declined sharply on Sunday after a breakthrough in talks between the United States and Iran helped calm tensions in the Middle East.
Market sentiment improved as reports said a peace agreement had been finalised, raising expectations that the Strait of Hormuz—one of the world’s key oil shipping routes—could reopen for trade.
US benchmark WTI crude dropped more than 4%, slipping below $84 per barrel in international markets. Traders attributed the fall to expectations of steadier supply flows.
For India, which imports over 85% of its crude oil requirement, the price drop could help conserve foreign exchange and provide some relief on inflation, according to the report.
