Oil Market Crash: US-Iran pulls back from the brink of war! Crude oil fell 4% in international markets; Such is the current situation in India

• A historic peace treaty
• Big fall in crude oil prices
• What will be the effect on India?

Donald Trump Truth Social Iran agreement: A very big and comforting news has come out for world politics and international economy. The US and Iran have finally announced a peace deal after months of intense tension in the Gulf states and a 107-day war. With the end of the conflict between these two superpowers, the specter of war on a global scale has been removed, which has had a direct and major impact on the international crude oil (Crude Oil) is being seen in the market. In just a few hours after this historic agreement, the global oil market has recorded a huge fall of more than 4 percent. This has come as a major relief to the global market, which has been reeling from fears of oil supply disruptions.

West Texas Intermediate (WTI) crude oil prices fell 4.39 percent to $81.15 per barrel following the ceasefire announcement. On the other hand, international benchmark Brent Crude futures fell nearly 4 percent to just below $84 ($83.75) from a high of $87. The countries Pakistan and Qatar have made important mediations to bring about a ceasefire between America and Iran, and it has been reported that the agreement will be officially signed in Switzerland. Due to this peace agreement, not only the oil market, but also the Asian stock markets are seeing a big boom. Investors hope that lower crude oil prices will ease global inflationary pressures.

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President Donald Trump’s big announcement on ‘Truth Social’

US President Donald Trump has praised the deal and his own administration in a post on his social media platform ‘Truth Social’. Trump wrote, “This extraordinary deal will bring peace and security to the entire region. Many presidents before me have tried to make peace with Iran, but all have failed. For the first time, world leaders have a president who can bring them real peace.” Trump further explained that due to this agreement, the Strait of Hormuz will now be toll-free and the landmines there will be removed.

On Truth Social, US President Donald Trump posts, “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the… pic.twitter.com/fPLg91aBTy

— ANI (@ANI) June 14, 2026

credit – social media and Twitter

In another post, Trump addressed the world’s merchant ships, saying, “The deal with the Islamic Republic of Iran is now complete. Congratulations everyone. I am ordering the immediate lifting of the US naval blockade. Ships worldwide, start your engines and let the oil flow again!” The Strait of Hormuz is a very important sea route carrying one-fifth of the world’s total oil and natural gas supplies. As the route was closed for the last three months due to the war, the whole world suffered an ‘oil shock’, which has now ended.

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Will the prices of petrol and diesel in India become cheaper?

With crude oil prices falling so fast in the international market, the common Indian now has only one question – “Will petrol and diesel become cheaper in India?” It is a general rule that when crude oil becomes cheap internationally, fuel prices also come down in India. However, going by the current data, Indian state-owned oil companies (IOCL, BPCL, HPCL) have kept the prices of petrol and diesel stable. Although Brent Crude fell below $84 in the global market, fuel prices in India remained flat.

According to market experts, Indian oil companies closely monitor international rates for 15 to 30 consecutive days. This is a 60-day temporary ceasefire between Iran and the US, with further discussions on key issues such as the nuclear weapons programme. So if crude oil prices remain stable at or below $80 in the international market, Indian oil companies may cut domestic petrol and diesel prices by Rs 2-5 per liter in the near future. There is no immediate drop in rates as companies are currently recovering from earlier losses, but Indians are likely to get some relief in the coming weeks.