Global crude oil prices eased back to the level seen just before the US-Iran conflict, bringing some relief to energy markets, even as Indian consumers face fresh price hikes on premium tech products and select semiconductor stocks surge on AI demand.

Benchmark Brent crude settled around $72 per barrel on Thursday — almost the same as $72.29 recorded a day before the conflict began on February 27. The drop comes after the US-Iran agreement and partial lifting of sanctions on Iranian oil exports, which has started improving shipping traffic through the Strait of Hormuz.

Energy experts, however, cautioned that any relief in domestic petrol and diesel prices may take time. According to energy analyst Narendra Taneja, the fuel currently sold at pumps was refined from expensive crude purchased earlier when rates were much higher. The full benefit of cheaper crude is likely to reflect only around Dussehra, after accounting for inventory lag and losses of oil marketing companies.

In a separate development, Apple has increased prices of its iPad and MacBook lineup in the US by up to $300. In India, the hike is even steeper, with some models becoming up to ₹1 lakh more expensive. The company cited rising costs of memory and storage chips due to massive demand from AI data centres.

Meanwhile, in the global markets, US semiconductor major Micron Technology briefly surpassed Meta Platforms and Tesla in market capitalisation. Driven by strong demand for AI-related memory chips, Micron’s shares jumped sharply, pushing its market value to around $1.37 trillion at one point.

The developments reflect the mixed signals emerging after the Iran conflict — easing energy prices on one side and rising input costs in the tech sector on the other. For Indian consumers, the Apple price increase is likely to dent demand for premium devices in the coming festive season.

Share markets remained closed on Friday. No change was reported in petrol and diesel prices on Thursday either.

The coming weeks will be watched closely for how global crude prices behave and whether oil marketing companies pass on any benefits to consumers. On the tech front, the AI boom continues to reshape valuations, with companies like Micron gaining significantly from the infrastructure buildout.

Further movement in both energy and technology sectors will depend on how quickly supply chains normalise and geopolitical tensions remain under check.