US-Iran ceasefire brings some relief to oil markets, even as risks persist; why prices are set to stay ‘higher for longer’
Indian Express·2h ago·Fear
What Happened
A Pakistan-brokered two-week ceasefire between the US and Iran caused Brent crude oil to fall 16% to $93 per barrel Wednesday. However, prices remain 30% above pre-war levels as risks persist. The temporary ceasefire may allow evacuation of 180 million barrels stranded in the Persian Gulf. India, dependent on imports for 88% of crude oil needs, faced severe disruptions through the Strait of Hormuz. Experts warn restoration of normal energy flows could take months.
Key Entities
USIranPakistanBrent crudeStrait of HormuzIndiaWest AsiaNirupama RaoSeyed Abbas Araghchi