Crude oil has become cheaper by 13% after Iran’s announcement of completely opening the Hormuz Route for commercial ships. On Friday, April 17, the price fell by about $13 to $86 per barrel. A day ago, the price of crude oil was $ 99.39 per barrel. Before the war started on February 28, crude oil was $ 73 per barrel. During the war, the price had increased to $ 120 per barrel on March 9. Since then there was a possibility of increase in the rates of petrol and diesel. According to experts, now these apprehensions have also gone away due to oil becoming cheaper. America’s Dow Jones rose almost 1,000 points. Due to the fall in the price of crude oil, there is a big stir in the global market. America’s Dow Jones is trading at the level of 49,500 with an increase of about 1,000 points. SP 500 is seeing a gain of 1.12% and Nasdaq index is seeing a gain of 1.04%. Iran’s Foreign Minister informed about opening of Hormuz. Iran’s Foreign Minister Seyed Abbas Araghchi informed on social media platform Investors’ confidence has increased due to the expectation of reduction in tension in the Middle East. Trump said – Iran will never close Hormuz. Trump posted on Truth Social and wrote – ‘Iran has agreed to never close the Strait of Hormuz again. It will no longer be used as a weapon against the world. What benefits will India get from crude oil becoming cheaper? Crude oil is important for India, because we import about 85% of the oil. Falling oil prices provide relief to the economy on many fronts. According to experts, if crude oil becomes cheaper by $10, the current account deficit can be reduced by $9-10 billion and inflation can be reduced by about 0.5%. The world was facing disruption in oil supply. According to ING’s analysis, due to the war, the supply of about 13 million barrels of oil per day in the market was being affected. Although alternative pipeline routes were used, supply remained under pressure. Now with the opening of this waterway it is expected that stability will return to the global economy and energy market. Trump’s statement raised hopes for peace. US President Donald Trump had said on Thursday that the Iran war should end soon. At an event in Las Vegas, he talked about the conflict moving in a positive direction and said that Tehran is very eager to make a deal. According to Trump, a 10-day ceasefire has started between Israel and Lebanon and soon the heads of both the countries may be invited to the White House. Oil had become expensive due to Hormuz being affected. After the war, Iran had almost closed the Hormuz route. About 20% of the world’s oil and gas passes through this route. Due to its closure, crude oil, LPG, aluminium, fertilizer and plastic became expensive. The risk of shortage of medicines and essential items increased in Britain and Europe, as shipping costs had increased manifold. Due to this supply crisis, gas prices in America reached $ 4.15 per gallon and the inflation rate also increased. Crude oil had become costlier by 60% in March. There was a 60% increase in crude oil in March. This was the biggest increase in a month since the 1990 Gulf War. From $72.48 at the end of February, it crossed $120 in March. Earlier in September 1990, during Saddam Hussein’s attack on Kuwait, oil prices had increased by 46% in a month. 51% of India’s total oil imports come from Gulf countries. India is most dependent on West Asia for crude oil. This sector accounted for 51% of total imports in the first 10 months of FY2025-26. Due to increase in prices the import bill was increasing rapidly. Also read this news… Sensex rose by 505 points and closed at 78,494: Nifty also rose by 157 points, reached 24,354; Buying in FMCG shares: On Friday, April 17, the last trading day of the week, the Sensex closed at 78,494 with a rise of 505 points (0.65%). Nifty also rose by 157 points (0.65%), reaching 24,354. In today’s trading, there was buying in FMCG, media and metal stocks, while there was selling in IT stocks. Read the full news…
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Crude oil became 13% cheaper after the opening of Hormuz Route: The price of one barrel decreased from 99.39 to 86 dollars; US stock market rose 2%
