OMCs, aviation stocks slip up to 4% as oil prices surge on US-Iran tensions

Iran's missile attacks on the Ain Al-Asad airbase and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears

Oil-linked stocks across segments, such as oil marketing companies, paints, tyres and aviation firms, came under pressure on Wednesday after oil prices surged over 5 per cent after Iran fired rockets at an Iraqi airbase that hosts US military forces, stoking fears of sharp escalations in a developing conflict. Losses were, however, partially pared later as Iran said it would not escalate further if US doesn't retaliate. 

Iran's missile attacks on the Ain Al-Asad air base and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has