Markets slide as oil goes above USD 100 per barrel amid West Asia war escalation

Indian shares opened lower on Friday pressured by the rise in Brent crude oil to above USD 100 per barrel as the Middle East crisis escalates.

The Sensex dropped 512.07 points to 75,869.38 in early trade on Thursday. The Nifty fell 153 points to 23,713.60, tracking weak market sentiment.

By 9.15 am IST, the Nifty fell 0.85% to 23,666.35, while the Sensex declined 0.89% to 75,708.19, putting both indices on track for a fifth straight session of losses.

The decline came after US President Donald Trump warned of “major military punishment” for Iran and its Houthi allies following attacks on two Saudi oil tankers in the Red Sea.

Higher oil prices ​pose a key risk ‌for India, the world’s third-largest crude importer and consumer, by ‌stoking inflation, widening ​the trade ​gap, ​and squeezing growth and corporate margins.