New Delhi, April 7 -- As the Middle East war stretches into its 39th day, the conflict continues to inflict heavy pressure on global economic stability. Tensions escalated sharply ahead of a critical Tuesday deadline set by US President Donald Trump for Tehran to reopen the Strait of Hormuz, which expires tonight at 8 pm Eastern Time.

Trump threatened "complete demolition" if his demands are not met, warning that American forces would obliterate Iranian power plants and decimate its bridges. Iranian officials responded with threats of their own, with Parliament Speaker Mohammad-Bagher Ghalibaf warning that the US president's reckless moves would mean "our whole region is going to burn".

Consequently, oil markets remained anxious, with B...