Oil prices on the boil as Middle East simmers

Oil prices jumped $3 on Friday after a US air strike killed a top Iranian general, escalating tension in the world’s biggest crude-exporting region and stoking fears of a supply disruption. The impact of any possible retaliation worried key importers like India where fuel prices are already at a 13-month high.

India’s benchmark stock indices fell 0.4%, logging their worst weekly performance in a month, as global markets declined with rising tensions. Gold surged Rs 700 to Rs 39,872 per 10 gm and advanced toward a six-year high internationally.

The rupee lost about 0.60%, or 44 paise, to close at 71.80 per dollar. Wall Street stocks opened sharply lower. The Dow Jones Industrial Average was down 0.56% at press time. Read more

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