India’s crude oil basket has climbed to around $99.35 per barrel, reflecting the sharp increase in energy prices caused by renewed military tensions in West Asia.

Indian equity markets witnessed a positive start on Thursday, with the Sensex and Nifty recovering after three consecutive sessions of decline.

Global crude oil prices remained elevated as investors closely monitored the escalating US-Iran conflict and its possible impact on energy supplies.

The renewed conflict involving the US and Iran has once again become a major concern for global financial markets. Rising energy prices have increased fears that inflation could remain elevated for a longer period.

Indian equity markets came under sharp pressure on Wednesday after the conflict between the US and Iran intensified, raising concerns over energy supplies and global inflation.

Crude oil prices moved sharply higher as the latest US-Iran military escalation increased fears of disruptions to energy supplies. Reports indicated that crude was moving close to the $97-per-barrel level, putting global markets on alert.

Gold and silver prices remained volatile on September 2 as investors balanced safe-haven demand arising from geopolitical tensions against movements in global interest rates and the US dollar.

Indian markets are likely to remain volatile as investors continue to assess the impact of the escalating US-Iran conflict. The broader geopolitical situation has increased concerns about crude supplies, inflation and global economic growth.

Gold prices have turned volatile as investors balance two opposing factors: increased demand for safe-haven assets because of geopolitical tensions and concerns over potentially tighter US monetary policy.

Mahanagar Gas has increased prices of CNG and PNG in Mumbai from September 1, bringing fresh attention to energy costs for consumers and businesses.