Crude oil price jumps: Due to the war between Iran-Israel, heavy stress in the middle East is directly affecting the global market. The attack on three Iran’s three nuclear installations by the US has deepened this entire crisis. There is a possibility that now it may be stretched and longer. Jung has shook the global market. The threat of Iran’s major transport route of crude oil has increased the possibility of crude oil on the seventh sky due to the threat of closure of Hormuz Strait.

Crude oil on five months record high

The softening that was being seen in crude oil prices is breaking all the records. Crude oil has now reached a five -month record level to $ 80 per barrel. Experts believe that Iran will also have to close a hormuj strait in the answer that Iran will take as action. If this happens, it will increase the price of crude oil worldwide. If we talk about the impact on India, then not only the trade deficit will increase, but the risk of inflation will also increase in the country.

About 20 percent of global oil is transported through the Hormuz Strait. Oil prices have seen a jump of 11 percent within a week. Iran of OPEC Plus is the third largest oil producer country. It has a stake on about one third of the oil production that is produced around the world. In such a situation, Golman Sachs has expressed apprehension that if this route of Hormun is closed, then the price of crude oil can reach up to $ 100 per barrel.

What will be the effect?

Talk about India, it imports about ninety percent of its needs. The world’s third largest oil import is the country and out of 55 lakh barrels of oil daily, about 15 to 20 lakh oil comes to India via this hormuz strait. In such a situation, closing it can hurt the Indian economy.

However, in the past, Petrol Minister Hardeep Singh Puri had given assurance that the situation is being reviewed and every possible step will be taken by the government to ensure the supply of fuel.

Also read: Iran-Israel stress caused Indian market, 700 points slip Sensex, Nifty also declines

Stock Market News: The US market has seen a boom. However, Gift Nifty indicated a starting to start with sluggish to sluggish weakness after overnight in the US markets. US President Donald Trump has announced that he will not remove the president of the Federal Reserve. Apart from this, in Wall Street, there is also a boom due to the expectations of reduced tariffs on China.

Earlier on Wednesday, the NSE Nifty-50, 182 points, increased to 0.67% to close at 24,329, while the BSE Sensex increased 521 points, or 0.65% to 80,117.

Asian Market

If we talk about Asian markets, then the American stock market has seen a boom due to positive signals. Japan’s Nikkei 225 saw an increase of 0.96 percent and it reached 35,204. However, South Korea’s Kopy has declined by 0.55 percent and fell to 2,511.83. While the Hangcand’s Hengseng Index traded at 22,072. China’s index was trading at Shanghai Composite 3,296.

American market

The US stock market is in positive expectation from the signs of decreasing business tension between American and China. Apart from this, President Trump has said that he has no intention of removing Federal Chief Jerome Powell. After its positive trend, Dow Jones Industrial Average climbed 419.59 points i.e. 1.07 percent to 39,606.57.

The S&P 500 saw an increase of about 1.67 percent and it came to 5,375.86. While Nasdaq Composite rose 2.50 percent to close at 16,708.05.

US dollar

The US Dollar Index (DXY), which assesses the price of dollar compared to six foreign currency, declined by 0.11 percent on Thursday morning, it was at 99.77. The index decides whether the dollar is weak or strengthened compared to the major currency. In the currency of these six countries, British Pond, Euro, Swidish Krona, Japan’s Yen, Swiss Frank etc. On April 23, the rupee has declined by 0.25 percent and it reached 85.42.

Gold prices fall

Here, on Thursday, there has been a decline in the international market in the price of gold. The spot gold has fallen by 3 percent to $ 3281.6 an ounce. While the US Glod Future has come down by 3.7 percent and it is being sold at the rate of $ 3294.10 an ounce.

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