Oil prices surge past $95 as renewed US‑Iran conflict rattles equities

Global equity markets took a hit on Tuesday as renewed hostilities between the United States and Iran sent risk‑aversion spreading across continents. In India, the Sensex fell 0.61% to 76,471.32 and the Nifty 50 slipped 0.82% to 23,858.00.

The trigger was a series of military exchanges reported by the U.S. Central Command, which said it had struck multiple Iranian Revolutionary Guard sites, including air‑defence, radar, maritime and communication installations. Iran retaliated with attacks on U.S. positions in Jordan and Iraq, raising concerns of an escalating war.

The geopolitical shock reverberated through commodity markets. Brent crude rallied more than 4% to breach the $95 a barrel threshold, while West Texas Intermediate (WTI) crossed $90 per barrel, both reflecting heightened fears of supply disruptions.

Indian equities mirrored the global sentiment. All major index segments – large‑cap, mid‑cap and small‑cap – recorded losses, with the Nifty Midcap 100 down 1.15% and the Smallcap 100 down 1.00%. Sectoral laggards included Auto, IT, Real Estate, Consumption, Defence and Financial Services.

Only a few stocks managed modest gains, notably Sun Pharma and Adani Ports, while a long list of blue‑chip names closed in the red. The market is likely to stay cautious until a clear diplomatic de‑escalation is observed.