Crude tumbles as US-Iran pause eases pressure, but risks to India’s oil supply remain

Crude oil prices tumbled more than 9 percent, with Brent slipping below 90 dollars a barrel after the US and Iran paused strikes over the weekend following two weeks of attacks. The decline eases concerns over India's oil import bill, as the country imports nearly 90 percent of its crude requirement and a sustained 1 dollar rise in crude prices could add about 18,000 crore rupees annually to the bill. However, supply risks persist as Iran remains in control of the Strait of Hormuz and Red Sea disruptions from Houthi attacks continue to threaten flows from Saudi Arabia, which now account for about 14 percent of India's oil imports.