📈 Stocks & Economy🇮🇳 India
US Strikes Iran and Cancels Oil Licence — Crude Prices Jump, India Watches Closely
MarketWatch·Wednesday, 8 July 2026
The US Treasury cancelled a licence granted on June 21 that allowed Iran to sell oil, and US strikes on Iran resumed shortly after. Oil futures climbed on the news. Global markets wavered as the brief period of stability in the US-Iran conflict ended.
Why It Matters
India is one of the world's largest oil importers, so any spike in crude prices hits fuel costs, inflation, and the rupee directly.
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