India, March 27 -- Indian markets are slowly coming to terms with the Iran-Israel-US conflict, but the impact is still visible on the tape. Even after a recent rebound, equities remain around 10% lower than pre-war levels, as investors continue to price uncertainty.

The conflict has also entered a phase where the market is watching energy infrastructure and supply chains as closely as the headlines. That shift matters because energy is where geopolitical stress quickly turns into an economic problem. Crude prices are still elevated at around $90 - $100, staying volatile with every fresh development. And the risk is not limited to oil. Natural gas supplies are also under stress, adding another layer of pressure on economies already grappl...