Indian markets are set for a weak start on Thursday, tracking global cues and rising crude prices. Gift Nifty was trading at 24,092, down 163 points or 0.67%, indicating a soft opening for benchmark indices. Brent crude hovered near the $120 per barrel mark, while WTI July futures crossed $100, keeping inflation concerns elevated and adding pressure on equities.
US President Donald Trump has warned that a naval blockade on Iran could continue for months, pushing global oil prices to their highest levels in over four years.
Speaking at a meeting with oil executives on Tuesday, Trump argued that blocking Iranian ports was a more effective strategy than direct military strikes. He also discussed measures to stabilise global oil markets and limit the impact on US consumers if the blockade is extended.
Technically, 24,300–24,350 remains a strong supply zone for the Nifty, with upside likely capped unless fresh buying emerges. On the downside, traders will watch for support around the 24,000 mark.
Overall, elevated oil prices and cautious global sentiment may keep markets volatile in early trade.
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