Brent Crude Surges to Near $97 as Indian Markets Plunge

Indian stock markets plummeted on September 8, 2026, as Brent crude oil prices neared $97 per barrel due to rising US-Iran geopolitical tensions. The Sensex dropped by a significant 400 points, while the Nifty 50 index fell below 23,700.

The sharp rise in global oil prices has put downward pressure on the Indian rupee, which traded near 94.66 against the US dollar. India's high dependence on crude oil imports, at around 88.7%, makes it highly sensitive to fluctuations in global energy costs.

Market analysts are monitoring technical support levels for the Nifty 50 index, which is hovering near critical zones between 23,600 and 23,650. If these levels fail to hold, it could signal further weakness in the short term.