Global oil prices fell on Thursday to their lowest levels since before the outbreak of the Iran conflict, offering a significant economic tailwind for India, the world's third-largest crude importer, by easing inflation risks, reducing the import bill and improving the government's fiscal position.
Brent crude, the international benchmark, dropped to about USD 72-73 a barrel, while US crude fell below USD 70 a barrel, erasing the geopolitical risk premium that had driven prices as much as USD 120 a barrel during the height of the conflict earlier this year. Both benchmarks are now back near levels last seen in late February, before hostilities disrupted Middle East energy markets.
