Brent Crude Falls Below $92 as US-Iran Conflict Pauses

The price of Brent crude oil plummeted over 5% on July 27, breaking below $92 per barrel. The sharp decline came after the US and Iran paused strikes over the weekend, raising hopes for a diplomatic solution to the conflict.

As a result, shares of companies sensitive to crude prices rose, while upstream oil and gas explorers like ONGC and Oil India fell by up to 2.5%.

The Bank Nifty index also reclaimed the 57,000-mark, with experts suggesting that falling crude prices could lead to decreased lenders' borrowing costs, lower bond yields, and increased treasure gains.