Iran has warned of a sharp rise in oil prices after the US threatened to blockade the Strait of Hormuz following failed negotiations.
Sensex plunged 1,400 points and Nifty fell below 22,300 as oil prices crossed $105 amid rising geopolitical tensions.
Trump said Iran gave the US a major oil and gas related “gift” linked to the Strait of Hormuz as shipping tensions continue.
Trump indicates the US may scale down military operations against Iran as oil market concerns intensify.
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