Crude Oil Surge Shakes Global Markets; US Indices Hit 3-Month Lows as Nifty-Sensex Slide 1.5%

New Delhi, March 9 (TNA) A dramatic surge in crude oil prices has sent shockwaves through global financial markets. Major producers Kuwait, UAE, and Iraq announced a 10-15% cut in oil output, propelling Brent crude to $86.20 per barrel and WTI to $83.50. This OPEC+ move aims to sustain supply-demand imbalances despite volatile global demand.

The ripple effects were immediate and severe. The US Dollar Index (DXY) soared to 107.80, marking its highest level since December 2025. In India, the rupee weakened to 83.95, shedding 75 paise from last week’s 83.20 close.

US markets bore the brunt of the turmoil. The Dow Jones Industrial Average plunged 1,150 points or 2.9% to 38,500, while the Nasdaq Composite tumbled 3.4% to 15,800 and the S&P 500 fell 2.7% to 5,100 – all hitting three-month lows. Energy stocks bucked the trend with gains, but tech heavyweights like Nvidia and Apple lost 4-5%.

Indian benchmarks followed suit, with the Nifty 50 declining 1.6% or 380 points to settle at 24,150, and the Sensex dropping 1.4% or 1,100 points to 79,400. Oil marketing companies such as BPCL (up 4.2%) and ONGC (up 3.5%) rallied, boosting the Nifty Energy index by 2.8%. However, the Nifty IT sector cratered 2.9%, dragged down by stocks like Wipro (-3.8%) and HCL (-2.7%), while Infosys (-2.5%) and HDFC Bank (-1.8%) weighed on the Nifty 50. Reliance bucked the broader Sensex trend with a 1.2% gain, but TCS fell 2.1%. On MCX, crude oil futures surged 5.2% to ₹6,850.

Experts warn of broader implications for oil-importing nations like India, where petrol and diesel prices could rise by ₹5-8 per litre. Angel One’s Gautam Jagannatham noted, “The crude spike will inflate the import bill and pressure the current account deficit – consider buying energy dips.” A JP Morgan report heightened concerns, pegging global recession risks at 40% higher.