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Brent oil price tops $90 as Mideast war escalates

Updated at : 2026-03-06 20:20:02

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Oil prices jumped further on Friday after US President Donald Trump said only "unconditional surrender" of Iran will end the Middle East war, as fresh strikes hit the Islamic republic.

Mutual funds increased their holdings in several mid and large-cap companies during the December ’25 quarter, with stakes exceeding 20% in 11 stocks. While many of these stocks have delivered negative returns since January ’26, the higher institutional ownership indicates continued long-term confidence among fund managers.

Qatar has warned crude oil could surge to $150 a barrel if the Middle East conflict escalates, threatening Gulf energy exports and global supply routes through the Strait of Hormuz. Higher oil prices could fuel inflation, weaken growth, pressure currencies, and trigger risk-off reactions in stock markets worldwide, including India.

The Indian rupee ended ​a tad lower on Friday ​and logged its worst weekly fall in over a ​month as the U.S.-Israel war on Iran sparked a surge in oil prices, jolting global markets and sparking a dash for safe-haven assets.

Shares of InterGlobe Aviation, parent of IndiGo, fell after UBS cut its target price to Rs 5,480 while retaining a Buy rating. The brokerage warned that ongoing geopolitical tensions, higher crude prices and a weaker rupee could hurt airline capacity and earnings in the near to medium term.

Shares of defence shipbuilders surged despite broader market weakness, with Mazagon Dock rising 18% in two days and Cochin Shipyard gaining 9%. The rally follows escalating geopolitical tensions and reports of a naval strike near Sri Lanka, raising expectations of higher maritime defence spending and improved order prospects for Indian shipyards.

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Stock broking firm Shreni Shares is planning an Initial Public Offering. The company has filed preliminary papers with Sebi. The public issue includes a fresh share sale and an offer for sale by existing shareholders. Proceeds will fund working capital and repay borrowings. Shreni Shares serves over 2,620 clients and operates across India.

IRCON and RVNL shares surged significantly on Friday following reports of a proposed merger initiated by the Ministry of Railways. This consolidation aims to create a larger, more efficient railway entity by combining specialized expertise and enhancing execution capacity. The proposal now awaits approval from various government ministries and the CCEA.

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Indian government bonds saw an early dip as traders braced for a crucial auction, seeking to gauge continued investor support amidst global economic pressures. Despite rising crude oil prices and U.S. Treasury yields, domestic bonds have shown resilience, partly due to consistent buying from a key investor group.

A nationwide CoinSwitch survey shows rising interest among Indian women in crypto investing, with 62% saying they are very likely to invest over the next 6–12 months and another 23% somewhat likely. Bitcoin remains the preferred entry asset, while most women allocate a small share of their income to digital assets.

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