Oil prices tumbled to a three-month low after US President Donald Trump claimed that a peace deal with Iran is within reach, though conflicting reports about the deal's details have emerged.

How this affects you

A US-Iran peace deal could significantly reduce India's fuel import bill, lower petrol and diesel prices, and ease inflation in the country, potentially boosting its economic growth. However, conflicting reports about the deal's terms raise doubts about its certainty and the ongoing volatility of oil markets.