Mumbai/IBNS-CMEDIA: Oil prices surged over 5 percent on Monday after Iran once again shut the Strait of Hormuz amid escalating tensions in West Asia, media reports said.
Strait of Hormuz Closure Sparks Supply Concerns
Iran reversed its earlier decision to reopen the key shipping route as the standoff between Tehran and the United States intensified, leading to tanker blockages in the region.
US President Donald Trump said a U.S. Navy blockade of Iranian ports remains in effect, according to a report by The Hindu.
Crude Prices Jump Sharply
U.S. benchmark crude surged 5.6 percent to $87.20 per barrel, while the international benchmark Brent crude rose 5.3 percent to $95.16 per barrel.
Indian Markets Turn Volatile
The Indian stock market remained volatile amid rising crude prices and geopolitical uncertainty.
The BSE Sensex opened on a positive note but soon erased early gains to trade 60 points lower.
Meanwhile, the NSE Nifty 50 also witnessed fluctuations despite initial gains in the morning session.
Banking Stocks Offer Limited Support
Early momentum was largely driven by banking heavyweights such as HDFC Bank and ICICI Bank.
Auto, FMCG, and midcap stocks provided marginal support to the broader market, though volatility persisted.
