Mumbai: The BSE Sensex jumped 1312.66 points to 78,160.23 in early trade on Wednesday. The NSE Nifty rallied 379.30 points to 24,221.95.
The Stock Market benchmark indices surged as WTI crude futures declined toward $90 per barrel on Wednesday, extending losses as markets priced in expectations of renewed US–Iran peace negotiations potentially restarting within two days. Despite continued naval restrictions on Iranian oil exports through the Strait of Hormuz and Iran considering a temporary shipment halt, sentiment leaned bearish. The International Energy Agency projected a rare decline in global oil demand this year, the first since 2020, as high prices curb consumption. Adding further pressure, the API reported a 6.1 million barrel increase in US crude inventories, marking the eighth consecutive weekly build and reinforcing supply-side concerns.
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