Oil down nearly 1% as US and Iran negotiate cease-fire
Business
Oil prices slid nearly 1% on Friday after news broke that the US and Iran are negotiating a 60-day cease-fire extension.
The draft deal would keep oil flowing freely through the Strait of Hormuz, a vital route for global energy supplies, but it still needs sign-off from President Trump and Iranian leaders.
India faces steep oil spike
The talks come right after US airstrikes in Iran ramped up regional tension, so this price drop is a bit of relief.
Still, India, relying on imports for about 90% of its oil, has been hit hard by recent spikes: crude averaged $107.45 per barrel in May, way up from $64.04 in the same month last year.
What happens next could affect fuel costs everywhere.