Oil-linked stocks across segments, such as oil marketing companies, paints, tyres and aviation firms, came under pressure on Wednesday after oil prices surged over 5 per cent after Iran fired rockets at an Iraqi airbase that hosts US military forces, stoking fears of sharp escalations in a developing conflict. Losses were, however, partially pared later as Iran said it would not escalate further if US doesn’t retaliate.
Iran’s missile attacks on the Ain Al-Asad air base and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider war in the Middle East. Brent Crude Futures was hovering around $69 per barrel-mark, up 1.35 per cent, around 9:50 am, while US West Texas Intermediate (WTI) was at $63.48 per barrel, up 1.2 per cent.
