Oil tops $100 amid Iran-Israel tensions; Asian Paints, IndiGo and other crude-sensitive stocks fall up to 4%
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Shares of crude-sensitive companies such as paint and tyre makers, along with airlines, fell by up to 4% on Thursday after escalating tensions in the Middle East pushed crude oil prices back above the $100-per-barrel mark. Asian Paints and Indigo Paints shares fell up to 2%, while IndiGo sank nearly 4%. MRF and Apollo Tyres fell around 1% and 4% respectively in the morning trading hours. These stocks had earlier witnessed a sharp decline after crude oil prices crossed the key psychological level of $100 on Monday for the first time since Russia’s invasion of Ukraine in 2022. Oil prices had briefly cooled later, falling below the $90 mark on hopes of an early end to the conflict that erupted earlier this month after the US and Israel carried out missile strikes in Iran, reportedly killing its supreme leader, Ayatollah Khamenei, followed by massive retaliation from Tehran. On Wednesday, Iran reportedly set ablaze two tankers in Iraqi waters...