Crude oil prices continued to fall on Thursday as investors assessed reports of discussions involving Iran and Qatar that could help reopen the Strait of Hormuz. Brent crude slipped to around $87.24 a barrel, extending its decline for a fourth consecutive session, while WTI fell to about $81.67.
The development is significant for India because a sustained reduction in crude prices could ease the country’s import bill, support the rupee and reduce inflationary pressure. However, the broader US-Iran conflict remains a major risk, and any renewed disruption around the Strait could quickly push energy prices higher.
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