Oil Price Surge Shakes Stock Markets Amid Middle East Conflict

Amid escalating tensions between Israel and Iran, global crude oil prices experienced a sharp increase, adversely affecting sectors sensitive to these market shifts.

Key stocks in oil marketing companies, including Bharat Petroleum, Indian Oil, and Hindustan Petroleum, witnessed notable losses alongside the aviation sector with SpiceJet and InterGlobe Aviation. Paint companies also saw declines.

The situation intensified as the US bombed major nuclear sites in Iran, further complicating the Middle Eastern conflict. Consequently, Brent crude oil prices reached their highest levels since January, highlighting the geopolitical volatility.

(With inputs from agencies.)