The benchmark stock indices Sensex and Nifty fell more than 3 per cent on Thursday as investors were shaken by a significant increase in crude oil prices, sluggish global trends and strikes on West Asian energy infrastructure.The Sensex plunged 2,496.89 points or 3.26 per cent to settle at 74,207.24. The Nifty declined 775.65 points or 3.26 per cent to end at 23,002.15.In the Nifty50, the major losers included HDFC Bank, Eternal and Shriram Finance. Oil and Natural Gas Corporation, Reliance Industries and Coal India were among the list of gainers.The major trigger for today’s fall was the crisis between the US, Israel and Iran, which shows no signs of slowing down. Iran continues to attack energy facilities around the Gulf and tighten control over the Hormuz route. Tensions increased after it targeted a key natural gas facility in Qatar.For the second day in a row, these events shook the world’s financial markets. Oil prices spiked due to increased risks to the energy supply, which triggered market concerns about further inflationary pressures.Brent crude saw a strong increase in price, rising 3.77 per cent to $111.4 per barrel, further straining market mood. Additionally, foreign investors continued to exercise caution as foreign institutional investors (FIIs) have been continuing their selling activities in the Indian stock market.Speaking to The Tribune, Hemant Sood, MD, Findoc, said three triggers were driving the exodus. First, Trump tariffs and escalating geopolitical tensions from the US-Israel-Iran war have soured global investor sentiment. Second, the World Uncertainty Index hit a record high in February 2026, surpassing peaks from 9/11, the 2008 financial crisis and Covid pandemic. Third, rise in crude price per barrel has raised serious concerns over India’s current account deficit.Silver dips Rs 17,800, gold Rs 7,000Silver prices fell Rs 17,800 (7%) to Rs 2.38L/kg in Delhi on Thursday, while gold dropped Rs 7,000 (4.37%) to Rs 1.53 L/10 gm following a sharp selloff in global commodity markets.Silver has now declined by Rs 1,65,800/kg (41%) from lifetime high of Rs 4,04,500/kg on January 29; yellow metal too has fallen Rs 29,700 (16.23%) from its all-time high of Rs 1,83,000/10 gm recorded the same day.