U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

OMCs such as HPCL and BPCL can see heavy selling pressure amid escalating tensions in the Middle East, as concerns of oil supply weigh on stock prices.

Crude prices bounced as news of fresh attacks rolled in, including another wave of Iranian missiles launched at Israel and more Israeli strikes on Iran.

Global stocks wavered and oil prices rose on Tuesday, as conflict between Israel and Iran entered its fifth day, while the yen was choppy after the Bank of Japan decided to slow the pace of reduction in its bond purchases from April next year.

A former White House official issued a chilling ultimatum to Donald Trump's administration as oil prices continue to rise in the US

President Trump says the Iranians want to talk with the U.S. to de-escalate tensions with Israel, but insisted there were 60 days to chat before an Israeli operation targeted Iran's nuclear program. CBS News' Olivia Rinaldi reports.

The Indian rupee is likely to dip at the open on Tuesday, weighed down by rising oil prices and a decline in U.S. equity futures after U.S. President Donald Trump called for the evacuation of Tehran.