June 14 US ceasefire reopens Strait of Hormuz for India
Business
Good news for India: After months of tension, the Strait of Hormuz is open again.
This key waterway had been disrupted since February because of tensions with Iran, which made importing oil expensive and tricky.
Thanks to a cease-fire agreement announced by the US president on June 14, ships can now pass through freely.
India fuel prices may fall
Roughly half of India's crude oil and almost all its LPG come through this route.
With the strait open, fuel prices should drop and inflation might cool off a bit.
It also means smoother supply chains for industries like aviation and petrochemicals, so travel and everyday essentials could get a little less pricey.