Oil minister Dharmendra Pradhan said on Monday global oil prices would ease if there is no further escalation of geopolitical tensions.
Oil prices had jumped by as much as 19% early last week before coming off peaks after an attack on oilfields of Saudi Arabia over the previous weekend disrupted 5% of global oil supply.
The price of crude oil has already reduced by a few dollars per barrel, Mr Pradhan said at an industry event in New Delhi.
Rising global oil prices are a major concern for India, the world's third biggest oil importer, which meets almost 84% of its oil needs through imports.
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