The US and Iran have agreed to a deal to end the conflict, with the agreement set to be signed in Switzerland on Friday, raising hopes of a reopening of the Strait of Hormuz and a revival of oil and gas flows from West Asia. The prospect of a peace deal has already pushed Brent crude down to around $83 per barrel, while analysts expect Asian spot LNG prices to fall by up to 40% to $12-15 per MMBtu from the current $18-20 range, potentially delivering significant relief to India’s energy import bill, inflation, subsidy burden and industrial fuel costs. The development is particularly significant for India, which imports more than 85% of its crude oil requirement and over 50% of its natural gas consumption. Nearly 20% of global oil and gas supplies move through the Strait of Hormuz, making any disruption a direct threat to India’s energy security and import costs. Analysts estimate that a $10 decline in crude oil prices can reduce India’s annual import bill by $13-15 billion.