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US-Iran Deal Could Slash Oil Prices — Big News for India's Import Bill
NPR·Monday, 15 June 2026
The US and Iran announced a deal to end the war, with President Trump saying the Strait of Hormuz will reopen after the agreement is signed on Friday. Oil prices had already fallen sharply in anticipation of the deal. Trump also said the Strait will be 'permanently toll-free' under the agreement.
Why It Matters
India is one of the world's largest oil importers, so cheaper crude directly affects fuel prices, inflation, and the cost of everyday goods for millions of Indians.
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