Iran's Reversal on Strait of Hormuz Sends Indian Equities Lower

Indian equities are likely to open with a gap down on Monday, as Iran’s decision to reverse its plan to reopen the Strait of Hormuz has raised concerns about the trajectory of peace talks and energy prices.Uncertainties resurfaced after Iran, on Saturday, reasserted its control over the strait after blaming the US for violating a ceasefire agreement by maintaining its own blockade of Iranian ports and firing on vessels attempting to pass the strait. Two Indian-flagged ships had come under fire in the strait during the weekend.Iran had earlier announced it would allow shipping to pass through Hormuz. The current development has dented hopes of a sustained de-escalation, which had buoyed sentiment last week.