India's oil minister says falling crude prices won't reach the pump immediately due to shipping delays through the Strait of Hormuz.

NEW DELHI: Falling global energy prices after a preliminary US-Iran agreement to end hostilities and reopen the Strait of Hormuz may bring relief to Indian refiners and gas…

A reopening of the Strait of Hormuz and lower oil prices following the U.S.-Iran agreement could significantly reduce India’s energy import costs and improve its trade balance.