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The US and Israel’s attacks on Iran over the weekend have escalated into a full-fledged crisis throughout the Middle East, with Iran retaliating with missile and drone attacks across Gulf nations, including the popular tourist destinations of Dubai and Abu Dhabi, as well as Qatar, Bahrain, Saudi Arabia, and even Oman. This has resulted in a sharp increase in global oil prices.

In an interview with The Atlantic, US President Donald Trump stated that Iran’s new leadership has shown interest in starting negotiations with him, and he has consented.

With the growing conflict between the US, Israel, and Iran threatening to suffocate the world’s energy sources, retail fuel prices in India are under tremendous pressure to rise. In over-the-counter trading on Sunday, Brent crude rose 10% to almost $80 a barrel, with analysts predicting a move near $100 in response to news of the Strait of Hormuz shutdown.

What was going to happen over the weekend was hinted at by the markets. This is demonstrated by the price movement that occurred in the final half hour of Friday’s trading session. The Nifty, trying to protect 25,300 for a better part of the session, slumped to 25,150, all in a matter of two minutes, and could not recover from that fall by close.

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