New Delhi, July 24 -- Just when it seemed as if the tide was turning for the Indian share market, indices slid again. On Thursday, the benchmark Sensex index dropped for the fourth session in a row to 76,391.

America's continued pounding of Iran over the past dozen-odd nights has weakened hopes of a return to the peace process. Iran has been steadfast in its stance, responding with counter attacks on US military facilities in the Gulf. The result: the Strait of Hormuz is shut again.

That has sent Brent crude oil prices above $96 a barrel. If they persist at these levels, India might have to give up on the relief it was betting on when the two principal warring sides sued for an interim peace deal in June.

Given how India ships in much ...