Indian stock markets tumble as Iran, US militaries clash again, raising oil fears| Hormuz strait

Indian stock markets came under pressure on Wednesday as fresh US strikes on Iran intensified the Middle East conflict and sent crude oil prices higher. The Nifty 50 fell 0.82% to 23,858, while the Sensex declined 0.61% to 76,471.32 in early trade. With Brent crude nearing $96.50 a barrel, investors are watching the risk of further disruption around the Strait of Hormuz. For India, higher oil prices could increase the import bill and put pressure on inflation, the rupee and corporate margins.