Gift Nifty 50 index futures experienced a significant drop of 1.7%, closing at 23,580, following renewed US military strikes on Iranian targets, which intensified geopolitical tensions. The Iranian Revolutionary Guards reported an attack on a US airbase, while US Central Command intercepted Iranian drones near the Strait of Hormuz. This escalation followed earlier US strikes aimed at protecting American forces and shipping routes. Consequently, oil prices surged, with Brent crude rising by over 3% to reach $97.29 a barrel, reflecting concerns over supply disruptions. As a result, inflation pressures are increasing, prompting central banks to consider more hawkish policies. In India, the stock market closed lower, with the benchmark indices Sensex and Nifty down by 0.2%, although broader markets showed resilience. The Indian stock market was closed on May 28 for a holiday, following earlier closures for Maharashtra Day.