NEW DELHI: Indian basket crude prices returned to pre-conflict levels Wednesday, with the basket priced at $70.71 per barrel, reducing the import bill, easing inflationary pressures and improving the financial position of the Centre and oil marketing companies.

NEW DELHI: Crude oil prices fell below the $75-per-barrel mark on Wednesday as the Strait of Hormuz reopened but are yet to return to the pre-conflict levels of $65-70 a barrel.

Global crude oil prices have fallen to their lowest levels since before the Iran conflict, with Brent slipping to around USD 72–73 per barrel and US crude below USD 70,…