Oil and gas prices fell as soon as Hormuz opened, huge stir in the global market after 49 days, will petrol and diesel become cheaper now?

Oil Gas Prices Crash Strait Of Hormuz: An extremely pleasant news has emerged for the global energy market and especially the Indian economy. Iran on Friday opened the Strait of Hormuz after a 49-day blockade. (Strait of Hormuz) has been reopened to all commercial vessels. Iran’s Foreign Minister Abbas Araghchi announced that the movement of ships through this sea route will be fully restored during the remaining period of the ceasefire.

Prices fell by 11%

strait of hormuz With the announcement of opening, a historic decline was recorded in the prices of oil and gas in the international market. Global crude oil benchmark Brent Crude fell nearly 11% to $88.80 a barrel, while US West Texas Intermediate (WTI) also fell 11.4% to $83.89. Additionally, Europe’s benchmark gas contract also declined by about 8.5%.

Why is this ‘Sanjeevani’ for India?

The opening of Hormuz is no less than a boon for India because 40-50% of the country’s total crude oil imports (about 2.5-2.7 million barrels per day) come through this route. India’s oil imports had declined by 15% in March 2026 due to war and blockade, posing a threat to energy security. The supply of cooking gas (LPG) was particularly badly affected, falling from 90% to just 40%.

Petrol and diesel prices will be affected

Economic experts estimate that every $10 fall in crude oil prices could reduce India’s annual oil import bill by $1.5-2 billion. After the current decline, there is a strong possibility that the pressure on the rising prices of petrol, diesel and LPG in the country will reduce, due to which the general public can get relief from inflation.

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Trump’s peace message

Meanwhile, American President Donald Trump Has also given a positive indication that a concrete agreement can soon be reached to end the war with Iran. Although no specific timeline has been given, his comment has raised hopes of stability in the energy market.