Stock Market
Sensex crashes 900 points, Nifty tumbles as oil prices surge amid Middle East tensions
Mumbai/IBNS: The Indian stock market on Wednesday crashed at the opening bell, extending losses from the previous session amid rising geopolitical tensions and a sharp spike in crude oil prices.
The BSE Sensex plunged nearly 900 points in early trade, while the NSE Nifty 50 fell around 1.02 percent to 23,244.45.
Oil Prices Spike Amid US-Iran Uncertainty
The market selloff came as crude oil prices surged following renewed uncertainty over US-Iran peace talks and fresh military strikes in the Middle East.
Brent crude for August delivery climbed 0.88 percent to $96.84 per barrel, raising concerns over inflationary pressures and higher import costs for oil-dependent economies such as India.
Trump Reportedly Furious With Netanyahu
Adding to investor worries, reports emerged that US President Donald Trump is angry with Israeli Prime Minister Benjamin Netanyahu over Israel's latest escalation against Lebanon, which has reportedly threatened ongoing diplomatic efforts involving the United States and Iran.
According to an Axios report, Trump sharply criticised Netanyahu during a phone call on Monday (local time), accusing the Israeli leader of undermining efforts to de-escalate tensions in the region.
What Did Trump Tell Netanyahu?
Trump allegedly described Netanyahu as "crazy" and suggested that Israel's military actions were harming both the country's global image and ongoing peace initiatives.
The US President also reportedly referred to Netanyahu's corruption trial and claimed he had helped shield the Israeli Prime Minister from legal and political troubles.
According to an NDTV report citing Axios, Trump told Netanyahu: "You're f***ing crazy. You'd be in prison if it weren't for me. I'm saving your ass. Everybody hates you now. Everybody hates Israel because of this."
At another point in the conversation, Trump reportedly asked Netanyahu: "What the f*ck are you doing?"
Markets React To Geopolitical Risks
The combination of soaring crude oil prices and escalating tensions in the Middle East triggered a risk-off sentiment among investors, leading to broad-based selling across sectors at the opening bell.
Market participants are expected to closely monitor developments in the region, as any further escalation could have significant implications for global energy prices and financial markets.
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