Commodities
Oil Price Surge Sends Indian Markets Plummeting
Indian markets slumped on Monday due to escalating tensions between the US and Iran, pushing crude oil prices higher. The Sensex dropped nearly 943 points, or 1.22 per cent, to touch an intraday low of 76,384 during early trade.
The Nifty fell 280 points, or 1.15 per cent, slipping below the 24,000-mark to 23,897. The market sentiment weakened after hopes of a breakthrough in the US-Iran conflict faded.
US President Donald Trump rejected Iran's response to a proposed peace deal, calling it 'totally unacceptable' on social media.
The renewed uncertainty pushed Brent crude prices above $105 per barrel. Brent crude rose 4.41 per cent to $105.76 per barrel, while US West Texas Intermediate (WTI) climbed 5.12 per cent to $100.31 per barrel.