Crude Oil Prices Soar Amid US-Iran Tensions
The Indian stock market closed last week on a weaker note due to elevated crude oil prices and renewed geopolitical tensions. The Sensex fell 0.62% to 78,009.25, while the Nifty declined 0.83% to 24,366. Crude oil futures rose by more than $1 a barrel driven by attacks on tankers and absence of any significant progress toward a peace deal between the Trump administration and Iran's leadership.
Ponmudi R, CEO - Enrich Money, noted that investor attention in the coming week will remain firmly focused on developments surrounding the Strait of Hormuz and the broader US, Iran standoff. Crude oil is expected to remain one of the most important variables for Indian markets with WTI crude ending the week around $82-83 per barrel range and Brent remaining elevated near $88-89.
The minutes of the Federal Open Market Committee (FOMC) meeting held on July 28-29, 2026 are scheduled to be released by the Federal Reserve Board on August 19, 2026. The minutes will provide details of the deliberations that led to the 9-3 decision to keep the federal funds rate unchanged in the 3.50%, 3.75% range.
Ajit Mishra, SVP, Research, Religare Broking stated that developments surrounding the Strait of Hormuz and the trajectory of Brent crude will remain critical market drivers in the near term.