Rs 6.35 lakh crore wiped out as oil spike and war fears grip markets

March 3, 2026

Indian markets plunged and the rupee weakened as conflict between the US and Iran escalated, causing oil prices to surge nearly 8%. Investors are cutting back on risk amid concerns over supply disruptions in West Asia and the safety of Indian citizens. The situation raises fears of a prolonged conflict, potentially pushing oil prices to $100 a barrel.

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