New Delhi: The cost of oil for Indian refiners fell to $94.5 per barrel on Thursday, its lowest level in two months, amid hopes of a resolution to the US-Iran conflict and an exemption for commercial ships transiting the Strait of Hormuz. The Indian basket fell 20.4% in a week, from $118.7 on Oct 30. After hovering around $90 a barrel in the last week of Aug, the crude basket price started rising from Sept 1 and touched a peak of $130.2 before moderating, but remained around $120 a barrel through Sept and Oct, amid continued hostilities in West Asia.