Oil price surge and Middle East tensions cause Indian market crash

A sharp spike in global oil prices, driven by Middle East tensions and potential disruptions to shipping through the Strait of Hormuz, triggered a major sell-off in Indian financial markets. The benchmark Sensex index recorded its steepest fall in nearly two years, erasing significant investor wealth, while the rupee weakened. The situation also caused immediate concerns for India's energy supply chain, particularly for liquefied petroleum gas (LPG).