New Delhi, June 15 -- WTI crude oil dropped to around $80 per barrel today, while Brent crude fell nearly 4% to around $83.82 per barrel. The decline comes after reports that the US and Iran have agreed on a peace agreement and the reopening of the Strait of Hormuz. The development has eased concerns over disruptions in global energy supplies and raised hopes of lower fuel prices worldwide.

India, as a net importer of crude oil, relies heavily on energy supplies from the Middle East. Since a large share of the country's crude oil and LPG imports passes through the Strait of Hormuz, the easing of tensions and reopening of the route could directly benefit India by improving supply and reducing import costs. Oil Marketing Companies (OMCs) h...