Economic Times•Mar 2
Asian Paints, other paint stocks plunge up to 6% as Israel-Iran war fuels rally in crude oil prices: What lies ahead?
The shares of Asian Paints, Indigo Paints and other paint makers plunged up to 6% to multi-month lows on Monday as crude oil prices shot up amid strong escalations in the ongoing tensions in the Middle East after US and Israel attacked Iran, killing the latter's supreme leader Ayatollah Ali Khamenei and sparking strong retaliation from the country. UK’s second largest bank Barclays on Saturday increased its forecast for Brent Crude oil futures to $100 per barrel. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East,” the bank said in its report.
