Crude Oil Price

Fars News Agency reported that more than 15 explosions shook the island, sending thick pillars of smoke into the sky

The rupee fell to a fresh intraday low of 92.48 against the dollar on Friday as rising crude oil prices and global risk aversion amid West Asia tensions pressured the local currency

Benchmark indices tumbled as crude prices surged amid escalating tensions in West Asia, triggering heavy FPI outflows and wiping out over Rs 10 trillion in investor wealth

Closure of the Strait of Hormuz, the lifeline for global oil and gas transit, also remains closed. As a result, crude oil and gas prices have been on an upward spiral in the last few days.

An India-flagged oil tanker moved out from the east of the Strait of Hormuz carrying gasoline bound for Africa, an Indian government official said on Friday

Going ahead, analysts expect natural gas prices to stay elevated in the backdrop of developments in West Asia. In March alone, prices of natural gas have climbed 16 per cent to $3.277/MMBtu

Though Zomato and Swiggy are not witnessing any fall in volumes; however, they may see short-term demand pressure from LPG-dependent restaurants, analysts cautioned

As the Iran war disrupts Gulf oil exports, higher prices and rising demand from India and China are delivering Russia an estimated $150 million a day in additional revenues

Oil prices rose sharply after Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, said that Tehran could leverage the potential closure of the Strait of Hormuz and warned of attacks on Gulf Arab states

Concerns over rising inflation stemming from potential energy supply disruptions and rationing prompted investors to book profits, while FII outflows added to the market pressure, said Geojit.

Nifty Metal index: At 10:45 AM on Friday; the metal index was the top sectoral indices loser down 4.3 per cent as against 1.3 per cent decline in the Nifty 50.

Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel

Brent futures extended gains to climb up $8.05, or 8.8 per cent to $100.03 at 10:25 a.m. ET or 1425 GMT, while U.S. West Texas Intermediate crude climbed $8, or 9.2 per cent to $95.25

The most immediate impact would be on India's current account deficit. This concern has pushed the rupee to a record low and forced the central bank to sell dollars from its reserves

Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) were down by 4 per cent each on the BSE in Thursday's intra-day trade.

The global benchmark soared as much as 10.5 per cent to $101.59 a barrel, while West Texas Intermediate surged near $96

A prolonged West Asia conflict could strain India's fiscal position through higher fertiliser subsidies, rising import costs and weaker revenue growth

Tensions in West Asia, if sustained, could test the goldilocks mix of robust growth and stable inflation, Nomura said in a recent note.

US Ambassador Sergio Gor said India's ongoing Russian oil purchases are helping stabilise global oil markets amid volatility triggered by the escalating West Asia conflict

Analysts believe Texas refinery deal could be a positive for Reliance given the current geopolitical environment; however, await for more clarity as the company is yet to issue an official statement.