Reliance fell up to 1.8%, while IOC, BPCL, and HPCL dropped up to 6% as rising crude prices raised margin concerns.
Brent and WTI surged over $6 after Israel’s airstrikes on Iran, fueling fears of supply disruption via the Strait of Hormuz.
Equities slid, gold rose 1.5%, and oil-dependent sectors like aviation and paints face near-term pressure amid rising input costs.
Israeli strikes killed top Iranian military officials; retaliation fears grow despite JP Morgan downplaying Hormuz closure risk.
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