Fresh US-Iran strikes over the Strait of Hormuz sent Brent crude surging 3.5% to $78.67 a barrel and wiped 670 points off the Sensex (to 76,899) in a brutal Monday session for Indian markets. The escalation — triggered by Iran striking a container ship Sunday and the US hitting back with multiple waves of strikes — has shattered the fragile G7-brokered truce and rekindled fears of full-scale war.

• India's energy lifeline under threat: Iran declared the strait...