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The GIFT Nifty, an early indicator of Nifty 50’s performance slumped over 500 points to 22,318 after after US President Donald Trump warned of intensified military action against Iran in the coming weeks.
“We are systematically dismantling the regime’s ability to threaten America or project power outside of their borders,” Trump said. He added that the United States would escalate strikes if Iran does not agree to terms. “Will hit Iran extremely hard over next two to three weeks,” Trump said, adding that Washington could target Iran’s electric plants if no deal is reached. “My choice was diplomacy, Iran rejected every attempt,” he said.
Meanwhile, Brent crude rose more than 5% to trade above $105 per barrel, while US West Texas Intermediate crude climbed as much as 3.2% to $103.27 per barrel. The rebound came after both benchmarks had declined earlier in the session. Brent had fallen 1.4% to around $99.70 per barrel after dropping as much as 1.8% intraday, while WTI had slipped as much as 2.4% to $97.70.
