Sensex tanks 1,000 points as crude oil crosses $100 mark
Business
Stock markets in India had a rough start this Thursday: Sensex dropped nearly 1,000 points and Nifty fell over 300 points, with all major sectors in the red.
The main reason? Crude oil prices shot past $100 a barrel after fresh tensions in West Asia rattled global supply.
Investors worried about rising oil prices
Reports of Iranian explosives-laden boats targeting fuel tankers led to oil port shutdowns, sparking worries about shortages and higher costs, particularly for oil-importing economies such as India.
To make things trickier, the US just kicked off new trade probes against 16 countries, including India, bringing back tariff worries.
All this has left investors feeling pretty uneasy about what comes next.