Oil prices climbed sharply after Donald Trump rejected Iran's peace plan, sending ripples through global markets. The rupee hit a record low and equities slumped in India amid the developments. This follows last week's US-Iran exchange of fire that shattered a fragile ceasefire.
Oil prices surged past $100 a barrel as traders reacted to the breakdown in US-Iran discussions. West Texas Intermediate held above $98 while broader energy markets priced in reduced prospects for near-term supply stability from the Gulf region. The rejection comes days after US forces exchanged fire with Iran, rupturing the ceasefire President Trump had extended in April.
