Brent crude futures climbed above $95 a barrel on Wednesday, driven by intensifying tensions in West Asia.
The surge in energy costs weighed heavily on global risk sentiment, triggering a broad sell-off in equity markets across the region.
The BSE Sensex fell 715 points, while the Nifty 50 slipped below the 24,000 level.
Indian benchmarks extended their decline for a third consecutive session.
The BSE Sensex fell 715 points, while the Nifty 50 slipped below the 24,000 level.
The downward pressure on equities persisted despite a backdrop of strong first-quarter earnings optimism, indicating that macro-level supply risks are currently dominating corporate fundamentals in investor decision-making.
The move in oil marks a significant shift from recent trends.