India, July 1 -- As tensions in the US-Iran war ease, fuel prices across industries -- commercial liquefied petroleum gas (LPG), petrol, diesel and aviation turbine fuel -- were cut on Wednesday, bringing much-needed relief to consumers and companies.

The developments came after American negotiators, Jared Kushner and Steve Witkoff, reportedly had positive discussions in Qatar. A senior Trump administration official said that technical talks with Iran were moving forward, Bloomberg reported.

Since February 28, a global energy crisis triggered by the West Asia conflict has driven oil prices worldwide higher. The tensions in the Strait of Hormuz, a crucial oil chokepoint, disrupted global energy supplies, including to India.

India also w...