India, July 17 -- Following the peace agreement between the US and Iran after the roughly three-and-a-half-month-long Gulf conflict, the Strait of Hormuz-a vital conduit for massive crude oil shipments-has reopened. It is worth noting that the closure of the Strait of Hormuz not only disrupted oil transit but also caused a drastic surge in oil prices. Crude oil prices, which hovered around US $70-80 per barrel before the war, spiked to as high as US $126 per barrel during the conflict. Although prices fluctuated, they largely remained in the vicinity of US $100 per barrel. The public was affected not only by shortages resulting from supply disruptions but also by rising inflation worldwide, driven by soaring oil prices. Even though the US...