Oil surge hits Indian refiners, stocks tumble after Strait of Hormuz closure

Oil surge hits Indian refiners, stocks tumble after Strait of Hormuz closure Shares of major Indian refiners fell sharply on Monday as oil prices surged amid the widening US-Israeli war with Iran, Reuters news agency reported. The report said that Indian shares fell as higher crude oil prices were seen as adding pressure on the South Asian country's economy, stoking growth and inflation worries while pushing up import costs in the world's third-largest oil importer. State-run Indian Oil dropped about 6.