Futures on Wall Street are currently in cautious mode as they await further details on the ongoing hostilities between Israel and Iran, which have now entered the fourth day. Futures of all three indices are currently trading at the flat line,

Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),

Israel's strike on Iran sparked turmoil in financial markets ... Oil spikes The price of crude oil surged as market participants braced for potential supply disruptions in the Middle East.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Paint manufacturers such as Asian Paints, Berger Paints, and Kansai Nerolac source around 50% of their raw materials from crude-based derivatives like resins and solvents. These input costs are highly sensitive to crude fluctuations.

The benchmark indices rallied on Monday despite the ongoing war between Iran and Israel. Sensex jumped 677 points to 81,796, while the broader Nifty closed 228 points higher at 24,946. Investor wealth rose by Rs 3 lakh crore to Rs 450.18 lakh crore on BSE today against Rs 447.21 lakh crore on Friday.

Relative calm returned to global markets, with stocks climbing and oil sinking alongside gold as fears subsided that Israel’s war against Iran would escalate into a wider conflict. Equities extended gains on a news report that Iran is signaling it wants to restart talks over its nuclear programs.