" The markets initially fell sharply as oil prices spiked in response to the heightened geopolitical tensions. 5% and 13% during the day, reaching approximately $113 per barrel. However, by market close, the major indices had largely recovered from their earlier losses.
2%. According to reports, the recovery followed news that Iran and Oman were discussing an agreement regarding the Strait of Hormuz, a critical oil shipping route. The market movements reflect investor sensitivity to Middle East tensions and their potential impact on global oil supplies.