New Delhi, March 9 -- The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open with significant losses on Monday, following weak global markets as crude oil prices surged past $100 a barrel.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,800 level, a discount of nearly 745 points from the Nifty futures' previous close.

The escalating US-Iran war led to a spike in crude oil prices on fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz. Crude oil prices hit their highest since July 2022.

Brent crude oil price jumped 19.81% to $111.05 a barrel, while the US West Texas Intermediate (WTI) crude futu...