Crude Oil Prices Reach Six-Month High Amid Escalating Tensions in West Asia
The Bombay Stock Exchange (BSE) Sensex and NSE Nifty plummeted in early trade on Friday, weighed down by soaring crude oil prices and escalating tensions in West Asia.
The 30-share BSE Sensex dropped 628.24 points to 74,257.69, while the 50-share NSE Nifty fell 221.20 points to 23,255.10.
Brent crude, the global oil benchmark, traded 0.95 per cent higher at USD 108.7 per barrel, with analysts warning that prices near USD 110 a barrel would intensify pressure on inflation and the rupee.
Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, said that 'Brent crude has climbed to its highest level since May as the ongoing US-Iran conflict continues to disrupt oil flows from the Middle East.'
WTI crude is trading in the USD 103-104-per-barrel range after rising around 7.5 per cent in the previous session.