Crude oil prices fall, LPG ships Shivalik and Nanda Devi will reach India in the coming days

Crude oil prices have fallen today. In a welcome relief for India, two ships, the Shivalik and the Nanda Devi, loaded with LPG cylinders are scheduled to arrive in India on March 16th or 17th.

Rising crude oil prices had been a cause for concern in the global market. However, on Monday, March 16, 2026, the first day of the week, crude oil prices fell. Brent crude oil futures fell 24 cents, or 0.23%, to $102.90 per barrel by 0049 GMT. Brent crude oil prices reached $103.1 per barrel on the morning of March 15. The decline is believed to be due to US President Donald Trump's appeal to global partners and Iran's decision to close the Strait of Hormuz.

Trump appeals to global partners

Due to the ongoing war between the US, Israel, and Iran, Iran has closed the Strait of Hormuz. This route carries approximately 20% of the world's crude oil and gas supply. The closure of the route has caused crude oil prices to skyrocket. But just yesterday, US President Donald Trump announced his He urged global partners to send warships to help secure the Strait of Hormuz. Following Trump's call, crude oil prices saw an initial decline today. President Donald Trump also stated that he was appealing to several countries to help secure the Strait. He said discussions with some countries have already begun.

Iran opened the way

News is emerging that Iran has opened the Strait of Hormuz to other countries, including the US, Israel, and their allies. This is also having an impact on oil prices.

The situation will be normal in India

Over the past few days, there has been considerable uproar in India regarding LPG. Despite the government's clear assurances that it will not allow a shortage in oil and gas supplies, people have resorted to panic buying. Long lines were seen in many places to purchase LPG cylinders. Many people were unable to book their cylinders online. Fearing this, people began purchasing induction cookers. Many hotels temporarily closed due to the commercial supply shortage. However, this problem may soon be alleviated as two ships loaded with LPG cylinders will arrive in India on March 16th or 17th, bringing the situation back to normal.