Indian markets surge as oil falls 9% and Iran clears Strait for Indian tankers

UPDATE - follow-up to Stock markets open near three-month highs as oil slides after U.S. Democratic win: Indian markets rallied as global oil fell 9%, with Brent at $93.82 per barrel, marking a fourth straight day of decline after President Donald Trump's midterm fallout. The Nifty 50 opened at 24,400, up 440 points (1.8%); the Sensex opened at 78,845, up 1,544 points (2%). Analysts link the surge to the oil slump and Iran’s decision to allow Indian tankers, along with those of China, Iraq and Qatar, to pass the Strait of Hormuz; Ahmad Hayat-Moghaddam, Iran’s parliamentary Vice Chairman for National Security and Foreign Policy, confirmed the exemptions. The rupee gained to its two‑week high, trading at 94.38 per dollar, a 0.15% rise, after rebounding from a May low of 96.96. A falling dollar index, hitting a one‑month low after the Democrats’ sweeping US midterm win, also supported the rupee. Anil Kumar Bhansali of Finrex Treasury Advisors said the Democratic victory fuels bearish momentum for the dollar and Washington’s looming gridlock limits any quick recovery. ## Context The oil price drop eased pressure on import‑dependent economies, while Iran’s clearance of the Strait helped restore confidence in trade routes for India and its partners.