Markets tumble 2% as Israel attacks world’s largest gas field in Iran
The Hindu
Markets fall 2% as Israel attacks Iran’s South Pars gas field, pushing Brent crude above $112 and rupee below ₹93.
India’s stock market tumbled 2% after Israel attacked Iran’s gas fields and the latter threatened an attack on the Gulf’s key energy sites on Wednesday (18 March 2026).
Nifty opened at 23,197.75 and Sensex at 74,750.92 points and picked up slightly trading at 23,270.70 points and 74,954.77 points as of 9:50 a.m.
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Brent crude price hit a new high, trading above $112 a barrel. The India-U.S. exchange rate depreciated to a new high crossing ₹93 a dollar.
Iran attacked the world’s largest gas field, South Pars, in Iran, and the latter threatened retaliation on the five Gulf’s major energy sites in Saudi Arabia, the United Arab Emirates and Qatar. Iran reportedly said that it would “attack in the coming hours”, keeping global markets nervous.
S&P 500, DAX, Hang Seng and FTSE 100 are among the top global markets that have tumbled upto 2% on the news.
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The rupee fell to a record low of 92.63 against the dollar, while equities surged with Sensex up 633.29 points.
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Microsoft is weighing legal action against Amazon and OpenAI over a $50 billion deal, the Financial Times reported
Stock markets rally with Sensex and Nifty gaining, despite HDFC Bank and others lagging behind amid falling crude prices.
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