India, March 9 -- Indian shares slumped on Monday as the Iran-Israel-U.S. war entered its 10th day and the Strait of Hormuz, a critical trade route, remained shut for the sixth consecutive day.
Oil prices surged past $100 per barrel for the first time since 2022 as investors braced for a potentially prolonged standoff in the Middle East and a global energy crisis.
Earlier, WTI crude futures soared over 20 percent to $110 a barrel and Brent crude futures added more than 24 percent at $115 a barrel, following production cuts by major Middle Eastern producers-including Kuwait, Iran, and the United Arab Emirates.
The economic fallout from surging oil prices is expected to significantly impact India's trade deficit and inflation.
Every $10 p...