08-Jul-2026 10:16:49
Oil-Sensitive Stocks Tumble as US-Iran Conflict Escalates, Ceasefire Collapses
Oil-sensitive stocks came under heavy selling after the US launched fresh strikes on Iran, prompting Tehran to accuse Washington of violating the ceasefire. Iran's Revolutionary Guards claimed they targeted 85 US military sites in Bahrain and Kuwait, while air raid sirens sounded across Bahrain, escalating fears of wider conflict. Rising crude prices weighed on sectors dependent on fuel, with IndiGo, HPCL, BPCL and paint companies falling by up to 5% as investors priced in higher energy costs and renewed geopolitical risks.