Tensions in the Middle East Impact Oil-Dependent Sectors

The stock market took a hit on Friday as shares of sectors sensitive to crude oil prices, like oil marketing and aviation, witnessed a decline. The fall came in response to a spike in Brent crude prices amid escalating tensions in the Middle East.

Bharat Petroleum Corporation Ltd's stock fell by 1.90%, Indian Oil Corporation by 1.78%, and Hindustan Petroleum Corporation Ltd by 1.41% on the BSE. Within intra-day trade, BPCL saw a massive 6.11% dip, with Hindustan Petroleum tumbling by 5.34%, and Indian Oil dropping 3.91%.

The geopolitical tension between Israel and Iran has raised concerns of a potential full-blown crisis, significantly impacting global oil supplies and causing crude oil prices to surge. The relationship's fragility impacts stocks in oil-sensitive sectors, pushing investors and analysts into a cautious stance.

(With inputs from agencies.)