Oil prices surge past $100 amid Middle East tensions. Crude oil breached the $100-per-barrel mark on escalating Iran-Israel conflict, triggering significant selloffs in crude-sensitive Indian stocks. Asian Paints and Indigo Paints fell up to 2%, while IndiGo dropped nearly 4%. MRF and Apollo Tyres declined around 1% and 4% respectively. Brent crude jumped over 9% to $100.3 per barrel, with WTI crude gaining 8% to $94.66. Paint and tyre manufacturers face margin pressure as crude serves as a key raw material, while airlines grapple with surging aviation fuel costs. Over the past month, these sectors have experienced substantial declines, with IndiGo down 13% and SpiceJet plummeting over 26%. The IEA's 400-million-barrel strategic reserve release failed to contain prices as Middle East hostilities threaten critical shipping routes through the Strait of Hormuz.
