Iran Conflict Sends Crude Prices Soaring Towards $97 as Markets Plummet

The US has escalated its conflict with Iran, launching fresh attacks on Iranian military installations and oil tankers. In response, Iran has attacked US bases in the Gulf. US President Donald Trump stated that Washington is no longer seeking negotiations with Tehran.

The escalating war has sent crude oil prices soaring towards $97 a barrel, with Brent crude reaching $94.65 per barrel on Tuesday and rising further to $96.75 this morning. Markets are bracing for potential interest rate hikes from central banks in Europe and the US Federal Reserve, pushing bond yields higher and putting pressure on equities.

Global markets have taken a hit, with European and US stocks falling significantly on Tuesday. Asian markets were trading lower this morning, while Indian equities are expected to remain under pressure due to global cues. The Sensex fell 12.99 points, or 0.02%, to close at 76,944.28, while the Nifty declined 24.60 points, or 0.10%, to 24,055.80.