Crude oil price has hovered near a three-month low with prices going down sharply by nearly 16 percent after reports of a US–Iran agreement raised expectations of increased energy exports and improved global oil supply.

How this affects you

The decline in crude oil prices, driven by a potential US-Iran peace agreement, is expected to benefit India by lowering its import bill and narrowing trade deficits. This could lead to lower fuel prices for Indian consumers in the near future once markets normalize.