Crude surges after Trump's speech

Oil prices climbed more than $5 after Trump's address, with Brent crude futures rising $6.33, or 6.3%, to $107.49 per barrel, and US West Texas Intermediate crude futures climbing to $5.28, or 5.3%, to $105.40 per barrel, according to a Reuters report.

Both benchmarks had fallen more than $1 before Trump's televised speech. According to analysts, markets are responding to the US President's unclear messaging on a possible ceasefire or diplomatic engagement with Iran.

The crude shock came after Trump asserted that the US doesn't need the Strait of Hormuz, the key waterway seeing a blockade since the beginning of the war. He instead called on countries that rely on the strait to protect it. “The countries of the world that do receive oil through the Hormuz Strait must take care of that passage. They must cherish it,” he said, adding, “They must grab it and cherish it.”

Indian markets tumble, Sensex tanks

The impact of Trump's fresh warning to Iran and indications of a prolonged war was also felt in India on Thursday as equity benchmark indices Sensex and Nifty declined 2 per cent in early trade.

The 30-share BSE Sensex plummeted by 1,433.72 points, or 1.96 per cent, to 71,700.60. The 50-share NSE Nifty dived 445.70 points, or 1.97 per cent, to 22,233.70 in the morning trade, news agency PTI reported.

Sun Pharmaceuticals, IndiGo, Adani Ports, Eternal, Larsen & Toubro, Asian Paints, NTPC, State Bank of India, Trent, Kotak Mahindra Bank, Axis Bank, and PowerGrid emerged as the major laggards as all Sensex firms traded lower.