New Delhi, June 16 -- Oil markets are recovering from the US-Israel-Iran shock faster than they did after the Russia-Ukraine war, raising hopes of relief for energy importers like India. But experts caution that cooling crude prices might not offer immediate succour, as higher fuel and production costs have already filtered through the economy and may prove sticky.

Brent crude has fallen over 12% in five days to about $83 a barrel from $94, as reports of a potential US-Iran peace deal eased supply concerns. While no final accord has been signed, Washington and Tehran have agreed to a broad roadmap to end hostilities and reopen shipping through the Strait of Hormuz. Yet crude remains about 12% above its pre-conflict level of $74, suggesti...