Mumbai/IBNS, July 14 -- The Indian stock market extended its losing streak on Tuesday, with benchmark indices declining sharply amid escalating tensions in the Middle East and a surge in global crude oil prices.

The latest sell-off comes after crude oil prices spiked following US President Donald Trump's announcement of a 20 percent charge on all cargo shipped through the Strait of Hormuz.

Trump said the levy would help cover the costs of securing the Strait of Hormuz, one of the world's busiest and most strategically important maritime trade routes for global oil shipments.

Higher crude prices are generally seen as negative for India, one of the world's largest oil importers, as they can widen the current account deficit, fuel inflati...