Commodities
India Stocks Crash as Iran-US Tensions Send Oil Prices Soaring
Indian stocks plummeted nearly 2.5% to kick off the week, wiping out around Rs 15 lakh crore in investors' wealth on March 23.
The sharp decline in Nifty and Sensex came as tensions escalated between Iran and the US, fueling global energy concerns.
Brent crude futures surged to their highest close since mid-2022, climbing above $113 per barrel. If the Iran-US war continues, experts warn that Brent crude prices could reach $130 per barrel.
The Indian rupee hit a record low of 93.98 against the US dollar, exacerbating concerns about energy supply disruptions and their impact on Asia's third-largest economy.