Overview
- Brent crude jumped to about $104 to $106 a barrel after President Donald Trump called Iran’s latest peace response “totally unacceptable,” pushing US stock futures lower on Monday.
- In early Mumbai trade Monday, the Sensex fell 845 points to 76,482 and the Nifty dropped 238 points to 23,937 as energy costs climbed.
- The rupee weakened to about 95.4 per US dollar and India’s volatility gauge rose more than 7.5%, while foreign investors sold Rs 4,110.6 crore of shares on Friday.
- Prime Minister Narendra Modi urged people to conserve fuel and to delay gold purchases and non-essential foreign travel to protect foreign exchange.
- The International Energy Agency says the near-closure of the Strait of Hormuz has created the biggest supply shock in history, which is keeping oil scarce and prices high.