Sunday’s announcement should help lower the prices of oil, gas and other critical commodities like urea. But even if a deal is actually reached, it will take months for the situation to return to the pre-war normal. Still, the world economy will have avoided the sharp slowdown that seemed a real prospect last week. India, hugely dependent on imports of both oil and gas, as well as urea and other commodities produced in the Gulf area, will be particularly relieved. The country has had a crisis-prone history associated with oil price shocks, one that is worth a brief recount in…
News Timeline:
Track the development of this news story across the Internet.