Energy was the worst-performing sector of the S&P 500, which rose 1%. U.S. oil futures fell 7.2%.

Oil prices jumped on Monday (June 23) after the US bombed Iran’s nuclear sites. Today morning, oil prices hit five-month highs as investors wait for Iran's action in response to the US joining Israeli forces to stop the country from developing nuclear bombs.

India imports over 85 per cent of its crude oil. So when oil prices go up, it directly impacts how much we pay at the pump, and how much inflation rises.