Markets Tumble on US-Iran Tensions & Oil Surge

Benchmark equity indices in India, Sensex and Nifty, experienced a downturn on Monday. This decline was primarily driven by escalating geopolitical tensions between the United States and Iran, which consequently led to a rise in global crude oil prices. The 30-share BSE Sensex registered a fall of 372.10 points, concluding at 76,728.37. Similarly, the NSE Nifty50 saw a decrease of 109.75 points, closing below the 24,000 level at 23,946.25.

Global oil prices climbed amid these heightened geopolitical tensions. Brent crude, the international benchmark, rose by 1.51% to USD 73.09 per barrel. Experts noted that while a halt in hostilities and renewed talks provided some support, the durability of any agreement remained questionable, keeping market volatility high. Asian markets showed mixed reactions, with South Korea's Kospi lower and Japan's Nikkei, China's Shanghai, and Hong Kong's Hang Seng higher. European markets traded lower, while US markets had closed marginally down on Friday.