US sanctioning Iran brings heavy impact in oil prices; Most South Asian Indices fell

The increasing tension between the United States and Iran is threatening the entire global market. Today the Indian stock market lost a total of Rs 3 lakh crore. When Trump announced that the US will be imposing more sanctions on Iran, the fear of oil shortage and price hike caused the markets to panic. Iran is the second-largest oil producer within the OPEC bloc and the oil prices have already jumped by 2%.

By 2:30 PM today, the BSE Sensex was down by more than 800 points and Nifty Fifty went below 12,000 level. Similarly, major markets such as Nikkei of Japan went down by 524.92 points and the Kopsi of South Korea fell by 0.98% to 2,155.07.