Crude Prices Plummet 7.9%, Sensex Surges 776 Points on US-Iran Ceasefire
Global crude oil prices plummeted by as much as 7.9% on Monday after the United States and Iran announced a halt to their military attacks, easing fears of further escalation in the region.
The move was a significant relief for markets, with Brent crude falling to $89.11 per barrel and US West Texas Intermediate (WTI) crude declining to $83.14 per barrel, according to market data.
Indian stock markets also responded positively to the development, with the Sensex jumping 776.01 points or 1.02% to close at 76,835.78 and the Nifty 50 rising 228.50 points or 0.96% to finish at 23,995.95.
The sharp recovery in Indian equities was driven by broad-based buying across sectors, with media and IT stocks leading gains of up to 2.4% and 2.3%, respectively.