India, May 8 -- Indian shares fell notably on Friday after Iran created a new agency to formalize its control over the Strait of Hormuz and activated its air defense systems, intensifying fears of a broader military crisis in the region.
The U.S. and Iran traded fire in the Strait of Hormuz and accused each other of carrying out attacks in the sharpest confrontation since the fragile U.S.-Iran ceasefire came into effect on April 7.
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