New Delhi, March 10 -- When the US and Israel began bombing Iran on 28 February, the market reaction was initially muted. For at least a couple of days, crude oil prices rose but not significantly. It appeared the market's reading of the latest conflict in West Asia was similar to that of previous ones-disruptive but likely to be resolved soon.

But as it became clearer that Iran was not going to cave in, and as the threat to shipping through the Strait of Hormuz-which moves 20% of the world's oil supplies-became apparent, crude oil skyrocketed past $100 per barrel before settling nervously below it. Global stocks tumbled, suggesting this could be a bigger flashpoint than previous oil shock events since 1990.

Mint explores the impact of ...