US-Iran war lifts crude: Why ONGC, Oil India could be biggest gainers in Indian stock market

The intensifying tensions between the US and Iran have led to the closure of the Strait of Hormuz, through which nearly 20% of global oil and LNG flows, resulting in a sharp jump in crude oil prices, with Brent crude rallying to $85 per barrel from $73 per barrel since the war began.

The sharp rise in crude oil prices has rattled global equities, especially Asian markets, as concerns have grown that a prolonged shutdown of the Strait of Hormuz could have cascading effects on economies, as the region is heavily dependent on crude imports.