<p>Despite the escalation in Iran-Israel relations, the Indian markets have remained calm so far. </p><p>As per experts, major impact will occur if Israel attacks Iran's oil installations leading to inflation.</p><p>According to a report in Indian Express, on June 12, a day before Israel first hit Tehran with missiles, Sensex closed at 81,691.98. Over the last five days the benchmark index has more or less remained stable — it closed at 81,583 on Tuesday. </p><p>It may be recalled that at the end of 2023, with the third largest oil reserves after Venezuela and Saudi Arabia, Iran accounted for 12 per cent of global oil reserves and second largest natural gas reserves after Russia, according to the US Energy Information Administration (EIA).</p><p>Since the tension in West Asia began on June 13, global Brent crude prices have risen by around 11 per cent — from levels of $67.34 per barrel on June 12 to around $74.6 per barrel.</p><p>To make matters worse, global financial firms are predicting that it could go up to $100 per barrel which is a significant spike.</p><p>As per economists and market experts, India's comfortable position in relation to inflation levels is linked to the absence of any significant trade agreements with Iran.</p>
<p>Despite the escalation in Iran-Israel relations, the Indian markets have remained calm so far. </p><p>As per experts, major impact will occur if Israel attacks Iran's oil installations leading to inflation.</p><p>According to a report in Indian Express, on June 12, a day before Israel first hit Tehran with missiles, Sensex closed at 81,691.98. Over the last five days the benchmark index has more or less remained stable — it closed at 81,583 on Tuesday. </p><p>It may be recalled that at the end of 2023, with the third largest oil reserves after Venezuela and Saudi Arabia, Iran accounted for 12 per cent of global oil reserves and second largest natural gas reserves after Russia, according to the US Energy Information Administration (EIA).</p><p>Since the tension in West Asia began on June 13, global Brent crude prices have risen by around 11 per cent — from levels of $67.34 per barrel on June 12 to around $74.6 per barrel.</p><p>To make matters worse, global financial firms are predicting that it could go up to $100 per barrel which is a significant spike.</p><p>As per economists and market experts, India's comfortable position in relation to inflation levels is linked to the absence of any significant trade agreements with Iran.</p>
