Brent crude oil prices witnessed an uptick following the ongoing geo-political conflict between Iran and Israel. With this, shares of several companies engaged in crude oil ended in the red. Amid this,

Weak sentiments in the domestic equity markets and FII outflows put further pressure on the rupee, according to forex traders.

So far, Iran’s crude-exporting infrastructure has been spared, and most of the fallout has been confined to shipping. The market remains focused on any sign that Tehran may seek to disrupt crude flows across the Strait of Hormuz,

Shares of oil-sensitive sectors like oil marketing, aviation, and paints saw declines due to a spike in Brent crude oil prices amid escalating tensions between Israel and Iran. The BSE Sensex and NSE Nifty also dipped,

The American Petroleum Institute (API) on Tuesday reported a decrease of 10.133 million barrels of crude oil in U.S. inventories for the week ending June 13.

The stocks snapped their two-day losing streak, which was earlier triggered by rising geopolitical tensions in the oil-rich Middle East.

Brent crude prices have surged nearly 15 per cent since May amid rising tensions between Israel and Iran, prompting inflation concerns. However, economists expect the impact on India’s CPI to remain limited.

Brent crude oil prices which have climbed by some 15% to US$74.10 per barrel, may see further upward pressure from the ongoing war in the Middle East.

Usually, as per economists, an increase of $10 per barrel on crude oil prices leads to about 0.4%-0.6% increase in inflation. Barclays in a report said that the sharp ~USD10/barrel increase in crude oil prices since the escalation in Iran-Israel conflict over the past week,