2 months of Iran war:Investors trapped in gold, silver Indian stocks; Pakistan US markets fully recover; oil outperforms

It’s been two months since the US-Iran war began on 28 February, 2026. Albeit, officially, a ceasefire has been imposed. But, it has been marred by reports of violations. The US-Iran standoff at the Strait of Hormuz is the main pain point, especially for the global world. Passage of oil takers is still subject to restrictions. Over 30% of global oil is shipped through this critical waterway and for India it is 20%. This has weighed heavily on investor sentiment as crude oil is still the backbone of global economy be it modern or primitive. The outbreak of the Iran war in early 2026 sent shockwaves through global markets, triggering volatility and uncertainty across various asset classes. Investors initially scrambled to assess the potential impact on their portfolios, leading to significant shifts in asset performance. Let’s take a look at how key global assets have performed since the conflict began: Indian markets down points since Iran war beginning Indian stock markets is one of the worst hit investment avenues in the world. The Sensex and Nifty, the benchmark indices, have only plunged as investors are worried about the war’s impact on the Indian economy. In this 2-month period, the Sensex 30 is down 5% from 81,287.19 on 27 February to 77,303.63 points on 27 April, 2026. Investors have lost ₹ lakh crore in wealth from share markets in India. Pakistan’s stock markets have given returns Pakistan’s stock market has outperformed Indian markets by a fair distance. In the last 60 days, the KSE100 is up 1,413 points or nearly 1% from 1,68,062 points to 1,69,475 points. American markets: Resilience amidst uncertainty The US stock markets have shown surprising resilience. The Dow Jones, SP 500, and Nasdaq initially saw a sharp decline, but these have almost recovered. The benchmark index Dow Jones Industrial Average closed at 48,977.92 points on Friday, 27 February, 2026 – a day before the start of the Iran war. On 26 April, 2026, the barometer closed at 49,230.71. During this period, the Dow Jones index has not given negative returns, infact, it is up 0.5%. Precious metals – a safe haven? Not really! The war between the US and Iran has surprisingly caused a significant decline in gold and silver prices. According to the India Bullion and Jewellers Association (IBJA), 10 grams of 24-carat gold has decreased by ₹7,602 (4.7%) to ₹1,51,495. Previously, its price was ₹1,59,097 per 10 gm when the war had begun. Meanwhile, the price of one kilogram of silver has decreased by ₹23,797 to reach ₹2,44,103. Earlier, its price was ₹2,67,900 per kilo on 27 February. Due to the America-Iran war, gold has become cheaper by 4.7% and silver by 8.8%. Brent crude oil: The highest performer Brent crude oil prices have been highly volatile since the start of the war. The initial surge in prices, driven by supply concerns, has been followed by periods of decline as the global economy slows down. Geopolitical tensions and potential disruptions to oil production in West Asia continue to keep oil markets on edge. Overall, Brent crude has seen a moderate increase since the start of the conflict from around $70 per barrel before the start of the war to $106 per barrel as of Monday, 28 April, 2026. During this duration, its price has risen by $36 or 51%. Indian rupee loses 3% value The Indian rupee has faced downward pressure against the US dollar. The war has led to capital outflows from India as foreign investors seek safer havens. The Reserve Bank of India (RBI) has intervened in the currency markets to stabilize the local unit, but its efforts have had limited success. The rupee’s weakness has made imports more expensive, contributing to inflationary pressures. Consequently, the value of the Indian currency against the greenback has depreciated by 3/$ or 3% to 94/$ from 91/$. If somebody had put their hard-earned money in each of the above assets, then, they would have earned highest return from oil. Indian markets have given negative return. US markets are more or less flat. Gold and silver are also down. It is oil which has given highest return among all other investment avenues.