Why falling oil prices are good news for India
WTI crude slid nearly 15% from its Monday intraday high, while Brent fell about 11% from its peak after worries about a U.S.-Iran conflict had pushed rates to nearly $120 per barrel.
This drop is good news for India, which relies on imports for most of its oil.
Lower prices can help keep inflation in check.
Cheaper oil means less pressure on your wallet
Cheaper oil means less pressure on your wallet, since it helps control the cost of fuel and everyday goods.
The recent dip has already shaken Indian stock markets, with Sensex and Nifty both down more than 2%.
If oil prices had stayed high, things like travel and groceries could have gotten pricier.
Prices initially soared but later eased
Tensions spiked after U.S.-Israel strikes on Iran disrupted global oil supplies (about 20% of the world's oil passes through the affected Strait of Hormuz).
Prices initially soared but later eased after reports that G7 finance ministers were set to discuss a coordinated release of emergency oil reserves.