New Delhi, July 17 -- The recent escalation between the United States and Iran is unlikely to drive commodity prices back to previous highs, with easing price pressures expected to improve operating margins for Indian manufacturers from H2FY27, according to a report by Elara Securities.

The brokerage house note, India's crude basket has fallen 51 per cent from its March 2026 peak, marking the steepest decline outside the COVID-19 period since 2012. It has attributed the sharp decline in oil prices to improving global supply and weak demand from China.

Furthermor, Brent crude was trading at around USD 84.62 per barrel while crude oil was trading at USD 79.83 per barrel at the time of reporting.

The report noted that US crude oil exports...