Surging Oil Prices, Stock Markets in Losses

Escalating tensions in West Asia are once again driving global crude oil prices sharply higher. Brent Crude has surged to a six-week high, with prices rising over 1.5 percent on Thursday morning to trade above 95 dollars per barrel. Meanwhile, West Texas Intermediate crude is hovering around 88 dollars per barrel. Notably, Brent crude has recorded an increase of nearly 30 percent over the past month. Experts warn that if geopolitical tensions persist, oil prices could climb even further.

The ongoing conflict between the United States and Iran has intensified instability in the region, slowing maritime traffic through the Strait of Hormuz. Additionally, Houthi attacks on two Saudi Arabian oil tankers in the Red Sea have raised serious concerns about disruptions in global oil supply. Reflecting these developments, domestic stock markets in India continued to trade in the red on Thursday. The Sensex fell by 300 points to 76,454, while the Nifty declined by 83 points to 23,913. The Indian rupee slightly strengthened by 5 paise to trade at 96.48 against the US dollar.