US-Israel Strikes on Iran Trigger Oil Price Surge and Indian Market Volatility

The US and Israel launched joint strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, escalating tensions in the Middle East and raising fears of a wider conflict. This has led to a sharp surge in crude oil prices, with Brent crude nearing $80 per barrel, impacting global and Indian markets. Indian equities opened sharply lower amid risk-off sentiment, with sectors like oil marketing, aviation, paints, and autos facing pressure, while defence and upstream oil stocks saw gains. The rupee weakened, bond yields rose, and investors sought safe havens such as gold and US Treasuries. Market experts advise caution, highlighting the uncertainty over conflict duration and its economic implications, including inflation and fiscal pressures for India, a major oil importer.