US-Iran peace deal: What opening of Strait of Hormuz would mean for India’s crude oil supplies

US-Iran peace deal signing and the full opening of the Strait of Hormuz, if it goes through, will bode well for availability of crude oil supplies globally. Crude oil supplies could return to normal and benchmark prices may slip below $80 a barrel within the next two to three weeks if the proposed US-Iran agreement is formally signed on Friday and shipping through the Strait of Hormuz resumes without disruptions, according to executives at Indian refining companies.

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