The Prime Daily: 14 July 2026

Stocks Slide as Iran Conflict Escalates, Oil Spikes

Major U.S. stock indices closed lower on Monday as renewed military tensions between the United States and Iran rattled investor sentiment. The Nasdaq Composite fell 1.6%, while the S&P 500 and Dow Jones Industrial Average declined 0.8% and 0.3%, respectively.

The selloff followed another day of U.S. military strikes on Iranian targets after President Donald Trump announced a proposed 20% fee on commercial vessels using the Strait of Hormuz for protected passage. Weekend military developments and the proposed levy triggered a broad risk-off move, with investors rotating into safe-haven assets and away from equities.

Shipping through the Strait of Hormuz has slowed sharply amid the hostilities. Data shows just 14 vessels—including four crude tankers—transited the waterway on Sunday, down nearly 60% from the 37 recorded a week earlier.

Crude oil surged on renewed supply concerns, with Brent crude rising to nearly $85 per barrel for the first time in a month. Both the United States and Iran claimed control of the strategic waterway, stoking fears of prolonged disruptions to global energy supplies. Higher oil prices also intensified inflation concerns, weighing on expectations for near-term Federal Reserve rate cuts.

India’s rupee weakened sharply, depreciating 30 paise to close at 95.62 against the U.S. dollar amid rising crude oil prices and renewed geopolitical tensions. As a major oil-importing economy, the rupee remained under pressure and was among the weakest-performing Asian currencies.

Nifty opened sharply lower by 168 points before staging a strong intraday recovery, rebounding nearly 250 points from the day’s low of 24,000 to erase its early losses. The index eventually ended marginally higher at 24,211.

Technically, the 24,300 level remains the immediate resistance. A decisive breakout above this mark could pave the way toward 24,530, while a sustained break below 24,000 may trigger a retest of the 23,800 support zone.

Indian markets are likely to open lower today as surging crude oil prices and escalating geopolitical tensions in the Middle East continue to weigh on global risk sentiment.