Stock markets tanked on Friday after an overnight sell-off at Dow Jones. The Dow Jones rout was triggered by fears over the ongoing war in Iran, which has not showed any signs of de-escalation yet.
The war, which has engulfed the entire Gulf region, has put immense pressure on the global oil supply. The gap-down opening of the Indian stock market comes just a day after India’s benchmark indices had improved after a sharp crash a day earlier.
Earlier, US oil prices pushed above $80 a barrel for the first time in more than a year as the widening Iran conflict threatened to set off convulsions in the world economy. The Dow Jones Industrial Average skidded 1.6%, or 785 points, while the S&P 500 fell 0.6% and the Nasdaq composite declined 0.3%. Asian shares also fell 0.7% at the open.
Meanwhile, Brent crude, the global energy benchmark, climbed above $85 a barrel while US crude jumped 8.5% to $81.01, its highest price since July 2024 and its biggest one-day jump since 2020.
Comments are closed.