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business/news//The Economic Times
Brent crude prices fell significantly after the agreement to reopen the Strait of Hormuz.
A two-week US-Iran ceasefire led to Brent crude prices dropping to $95 per barrel.
KEY POINTS
The Strait of Hormuz was reopened, removing immediate supply disruption risks for global oil markets.
Indian stocks with significant Middle East exposure, like IndiGo and Larsen & Toubro, saw sharp rallies.
Oil producers like ONGC and Oil India declined 2–3% due to lower crude prices impacting revenues.
City gas distributors and paint manufacturers gained as lower crude prices reduced input and feedstock costs.