New Delhi, July 27 -- Indian refiners got some breathing room on Monday after crude prices tumbled more than 9%, slipping below $90 a barrel as the US and Iran paused strikes over the weekend following two weeks of attacks. The decline eases immediate concerns over India's oil import bill, although traders and analysts caution that supply risks across key shipping routes remain unresolved.

Brent crude for September delivery fell to an intra-day low of $87.64 a barrel. By around 5.15pm, the September Brent contract on the Intercontinental Exchange was trading at $89.21, down 7.57% from its previous close. The September West Texas Intermediate contract on the New York Mercantile Exchange (Nymex) was at $83.17 a barrel, down 6.87%.

The pri...