Brent crude slips under $80 on Strait of Hormuz hopes
Brent crude oil just slipped to a three-week low, trading under $80 a barrel.
The main reason? Senior US officials indicated that a deal with Iran could be possible, which could reopen the Strait of Hormuz and ease global supply worries.
That news sent Brent prices down almost 5% in a day.
For context, India's crude basket is currently at $88.12 per barrel.
Pankaj Chaudhary: ₹10 excise softened prices
With global oil prices bouncing around, the Indian government has stepped in to keep local fuel costs manageable.
Minister of state for finance Pankaj Chaudhary explained in Parliament that a ₹10 per liter excise duty cut back in March 2026 helped soften the blow for gasoline and diesel buyers, even as international rates climbed.
Inflation also stayed below RBI's target, thanks in part to these moves.