GUWAHATI: International crude oil prices have fallen to levels last seen before the West Asia conflict that began in late-February 2026, offering some relief to India’s macroeconomic outlook and policymakers.
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Brent crude, the international benchmark, is currently trading at USD 72.60 per barrel, marked below the West Asia conflict days.
Brent crude had surged to USD 126.41 per barrel in April amid heightened geopolitical tensions and supply disruption concerns linked to the Strait of Hormuz.
Following the sharp rise in global crude prices, oil marketing companies increased petrol, diesel and LPG prices in multiple tranches. With international crude prices now declining, attention has shifted to whether domestic retail fuel prices will return to pre- West Asia conflict levels.
“Crude oil prices have retreated sharply as improving stability in the Middle East and diminishing concerns over supply disruptions have led to a steady unwinding of geopolitical risk premiums,” Ponmudi R, Chief Executive Officer of Enrich Money, a SEBI-registered online trading and wealthtech firm, said in a note.
WTI crude, the US benchmark, also declined below USD 70 per barrel, reversing most of the gains recorded during the conflict period. It was trading at USD 69.23 per barrel at the time of filing this report.
An analyst said the decline in crude oil prices had improved India’s macroeconomic outlook.