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Oil surge hits Indian refiners, stocks tumble after Strait of Hormuz closure Shares of major Indian refiners fell sharply on Monday as oil prices surged amid the widening US-Israeli war with Iran, Reuters news agency reported.  The report said that Indian shares fell as higher crude oil prices were seen as adding pressure on the South Asian country's economy, stoking growth and inflation worries while pushing up import costs in the world's third-largest oil importer. State-run Indian Oil dropped about 6.6%, Hindustan Petroleum slid 7.5% and Bharat Petroleum fell 7.1%, while Reliance Industries declined around 2%. The sell-off came as Brent crude prices surged toward $120 a barrel following the closure of Strait of Hormuz, nearing a four-year high and raising concerns over refiners’ earnings. Analysts said oil marketing companies are vulnerable to rising crude costs because they sell more fuel than they produce, putting pressure on margins.

US‑Israel war with Iran Day 10: What UAE residents need to know on March 9  Gulf News

Goldman Sachs: If crude oil shipments through the Strait of Hormuz remain low this month, oil prices could surpass historical highs.  富途牛牛

US-Iran latest: Oil prices fall below $90 as Trump suggests taking over Strait of Hormuz  thenationalnews.com

U.S. orders staff to leave Saudi Arabia as Iran war spreads and oil surges above $110  CNBC

US-Iran War: Strait Of Hormuz Closure Sparks Biggest Oil Supply Shock In History  News18

Oil crosses $110 for the first time since 2022 as Iran war keeps Strait of Hormuz closed, forces shut-ins  Yahoo Finance

Crude oil prices exceed $100 a barrel as war in Iran disrupts production, shipping  Fox Business

Trump says he is 'not happy' with Mojtaba Khamenei appointment US President Donald Trump on Monday said he was “not happy” with the selection of Mojtaba Khamenei as Iran’s new supreme leader. Speaking to Fox News, Trump said Iran had previously aimed hundreds of missiles at countries across the Middle East but claimed the regional balance had shifted after recent US military actions. Trump said the United States had dealt Iran a severe blow and insisted that Tehran’s capabilities had been significantly weakened. He added that ships should not fear crossing the Strait of Hormuz despite rising tensions in the region.

World faces largest oil supply shock ever as Strait of Hormuz shuts amid West Asia war  Moneycontrol.com

Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping  ABC11 Raleigh-Durham

Iran has named hardliner Mojtaba Khamenei as the country’s new supreme leader; Donald Trump says oil price spike ‘a small price to pay’ as markets tumble Full report: Ali Khamenei’s son Mojtaba chosen as Iran’s new supreme leader Tell us: how have you been affected by the latest events in the Middle East? Australian shares plunged on Monday, wiping about $13obn from the value of the ASX midway through the trading session, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation. The benchmark S&P/ASX 200 was down 4% in lunchtime trading to dive below the 8,500 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year. Continue reading...

Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping  Los Angeles Times

Explosions heard in Doha as Iran attacks multiple targets in Gulf Explosions were heard early Monday in the Qatari capital Doha as Gulf countries reported new missile and drone attacks linked to Iran’s retaliatory campaign in the region, AFP reported.  Qatar’s Defence Ministry said a missile targeting the city was intercepted as air defences responded to the attack. Meanwhile, Kuwait said its air defences were confronting hostile missiles and drones, days after projectiles hit fuel tanks at Kuwait International Airport. Saudi Arabia also reported intercepting two drones heading toward the Aramco-operated Shaybah oil field, while Bahrain said missile debris injured three people and a desalination plant was struck by a drone.

MARKET CALL: Oil Price Going Straight Up As Strait Of Hormuz Remains Closed  Yardeni QuickTakes

UAE to India flights back on track? IndiGo resumes operations, shares latest update amid Iran vs US-Israe  The Times of India

Oil surges above $100 as Middle East conflict rattles markets Oil prices surged above $100 a barrel Monday at the start of Asian trading, reaching their highest level since July 2022 as markets reacted to the escalating conflict in the Middle East. US benchmark West Texas Intermediate jumped more than 18 percent to about $107.54 a barrel, at one point climbing above $111. The surge rattled regional markets, with major Asian stock exchanges falling sharply. Japan’s Tokyo and South Korea’s Seoul markets dropped about 6 percent shortly after opening, while Taiwan’s Taiex index fell more than 5 percent in early trading.

Why Tehran Saw Black Clouds, Oil Rain After Israel Struck Fuel Depots?  NDTV

Iraq oil production collapses, Strait of Hormuz blocked  CommBank