Brent crude prices have slipped to their lowest levels since before the start of the US-Iran conflict, marking a significant repricing of geopolitical risk in energy markets.
The decline follows reports that the United States and Iran have reached a peace agreement aimed at ending nearly four months of hostilities.
5%, while InterGlobe Aviation, the parent company of IndiGo, rose 4.
This development has triggered a broad sell-off in oil, removing the supply disruption premium that had weighed on prices since the conflict began.
The collapse in fuel costs is providing immediate relief to the aviation sector, where jet fuel represents a major operational expense.
Airline equities surged across markets on Thursday, with Indian carriers leading the gains.
SpiceJet shares jumped 5.5%, while InterGlobe Aviation, the parent company of IndiGo, rose 4.7%.