Mumbai, March 9 -- Shares of JK Tyre & Industries plunged 8.25%, CEAT declined 5.07%, Apollo Tyres fell 4.3%, Balkrishna Industries slipped 4%, Goodyear India dropped 3.41%, while MRF lost around 3%.

The decline followed a steep spike in global crude prices, with oil moving closer to the $120 per barrel mark as supply disruptions intensified in the Middle East. Brent crude jumped as much as 28% to $118.73 per barrel, recording its sharpest intraday move since April 2020.

Supply pressures have increased after the Strait of Hormuz remained effectively shut, disrupting a key global energy route. The situation has forced major Gulf producers such as Kuwait and the United Arab Emirates to scale back output as storage facilities approach capa...