NEW DELHI: The price of India’s oil basket fell below $100 a barrel on Friday for the first time since March 6, as global crude oil prices fell 11% over the past week amid reports that the US and Iran may have reached an agreement and the Strait of Hormuz may soon open for smooth movement of cargo.The cost of crude oil for Indian refiners fell to $97.52 per barrel on Friday, while global benchmark Brent crude fell to $91.12 per barrel. While lower crude oil prices are expected to reduce input costs for refiners, it may not completely eliminate the under-recovery of petrol, diesel and LPG, which is estimated at Rs 550 crore per day. The sharp decline in the rupee will eat up some of the gains from lower crude oil prices.The war in West Asia has disrupted the main energy route linking the region to global markets, putting pressure on oil and gas supplies. India’s oil basket rose from an average of $69 per barrel in February to $114.5 in April, and averaged $106.83 per barrel in May.