Shares of major oil marketing companies fell on Friday following Israel's airstrikes on Iran's nuclear power plants.
Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd. (BPCL), and Indian Oil Corporation Ltd. all saw declines in their stock prices.
The airstrikes, launched by Israel on Friday, have significantly escalated the ongoing conflict over Tehran's nuclear program, raising the potential for a new war in the Middle East.
In response to the airstrikes targeting Iran's nuclear power plant, Israeli Prime Minister Benjamin Netanyahu declared a special 'State of Emergency' for the nation.
Gold prices, along with other safe-haven financial assets, rose following the airstrikes on Iran's nuclear facilities, reflecting heightened fears of increased conflict in the Middle East. Bullion climbed as much as 1.3% after news of the attacks.
Meanwhile, the US embassy in Iraq is in process of evacuation, and the US State Department has announced plans to order non-essential embassy personnel and their families to leave Bahrain and Kuwait. Additionally, the British Navy issued a rare warning to ships in the region, urging caution in the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz.
The situation remains volatile, with global markets reacting to the heightened geopolitical risks.
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