US Missile Strike Hits Iranian Oil Tanker Near Kharg Island
A US missile strike hit an Iranian oil tanker four miles off Kharg Island, a key oil export hub. This attack has sent Brent crude prices soaring near $98 a barrel and raised concerns of a prolonged energy supply disruption.
The Indian stock market declined in response to the escalating hostilities, with the BSE Sensex closing over 550 points lower. The average Indian Basket of crude oil price rose to $99.38 per barrel in September 2026, up from $90.19 in August 2026 and $82.04 in July 2026.
The targeting of tankers near Kharg Island marks a shift from diplomatic or financial blockades to kinetic actions on oil infrastructure. This has significant implications for India, which imports over 88% of its crude, with sustained high oil prices widening the trade deficit and elevating transport costs.