Markets tumble 2% as Israel attacks world’s largest gas field in Iran

India’s stock market tumbled 2% after Israel attacked Iran’s gas fields and the latter threatened an attack on the Gulf’s key energy sites on Wednesday (18 March 2026).

Nifty opened at 23,197.75 and Sensex at 74,750.92 points and picked up slightly trading at 23,270.70 points and 74,954.77 points as of 9:50 a.m.

Iran-Israel war LIVE: Trump vows to destroy Iran’s South Pars gas field if Qatar plant hit again

Brent crude price hit a new high, trading above $112 a barrel. The India-U.S. exchange rate depreciated to a new low, crossing ₹93 a dollar.

Iran attacked the world’s largest gas field, South Pars, in Iran, and the latter threatened retaliation on the five Gulf’s major energy sites in Saudi Arabia, the United Arab Emirates and Qatar. Iran reportedly said that it would “attack in the coming hours”, keeping global markets nervous.

S&P 500, DAX, Hang Seng and FTSE 100 are among the top global markets that have tumbled upto 2% on the news.