Business

Oil prices eased as hopes for de-escalation in US-Iran tensions emerged, with Iran suggesting passage through the Omani side of the Strait of Hormuz if an agreement is reached. Despite optimism for diplomatic progress, the US warned of increased economic pressure if Iran remains defiant, while waivers for Iranian oil purchases will not be extended.

S&P Global in its latest report titled India’s Strong Fundamentals Would Cushion The Blow Of An Oil Shock says India is equipped to handle some strain. The report assumes a base case scenario of oil prices at an average of $130 per barrel for 2026 and $100 in 2027.