Oil Prices Plummet: Petrol, Diesel Set for Major Cuts as US-Iran Tensions Ease

• Crude oil prices dropped by nearly 5% due to easing tensions between the US and Iran, following President Trump's announcement of ongoing talks.
• Brent crude traded at $65.94 per barrel and WTI crude at $61.88 per barrel after the decline, correcting from multi-month highs.
• A strengthening US dollar made oil more expensive for non-dollar countries, further contributing to the price fall.
• OPEC+ maintaining production levels and reduced geopolitical risk premium from the US-Iran situation also pushed prices down.
• Falling oil prices are beneficial for India, reducing import bills and inflationary pressure, despite the offsetting effect of a stronger dollar.