Mumbai, June 13 -- Crude oil prices tumbled to their lowest level in nearly two months as optimism over a potential US-Iran peace agreement eased fears of supply disruptions in the Middle East. Meanwhile, OPEC reported a 177,000 barrel-per-day decline in May output, led by a sharp drop in Iranian production. However, higher output from Saudi Arabia, the UAE, and Iraq helped offset the decline, further weighing on oil prices. Energy Information Administration or EIA stated in a latest weekly update that the US crude oil refinery inputs averaged 17.0 million barrels per day during the week ending June 5, 2026, which was 80 thousand barrels per day more than the previous week's average. Refineries operated at 95.3% of their operable capacity l...