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Crude Oil Prices Jumped 3% Following the Recent Israel Attacks on Iran

Brent Crude surged 3 percent to top USD 90 per barrel.

Israel launched a retaliatory attack on an Iranian site on April 19, causing oil prices to rise by USD 3 per barrel, raising concerns about market risks. The GIFT Nifty stood at 21,759, down over 300 points, indicating a gap-down start for the Indian markets, according to news sources.

Iran launched a massive aerial attack on Israel using 300 missiles and drones, which was followed by Israel’s missile attacks on an Iranian site on April 19. Explosions were reported in Isfahan and Nata, near an Iranian army air base and Isfahan’s airport, causing flight suspensions in various Iranian airports, according to Iran’s Fars news agency.

Oil prices rebounded from 3-week lows and jumped over 3%, due to the fear of a retaliatory attack by Israel. Brent Crude surged 3% to top USD 90 per barrel, while WTI Crude surged over 3% to USD 85.75 per barrel.

The global markets have responded to this sudden attack, with all US-linked equity futures slipping over a percent. Dow Jones Futures are down 400 points, while tech-heavy Nasdaq Futures have tumbled over 250 points.

This has raised concerns about disruptions in the Middle East oil supply. Moreover, these changes are probably for a shorter period and won’t affect the Indian stock market much in the longer horizon of time.

This is because India is focusing more on Make In India products and services and there’s a paradigm shift towards renewable energy sources.

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