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Oil prices jumped on Thursday, with benchmark Brent rising to its highest in more than a week to more than $116 a barrel, after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war.Brent futures were up $6.08, or 5.7%, at $113.46 ‌a barrel by 0814 ⁠GMT, after ⁠climbing almost $8 to the highest since March 9 to a session high of $115.10.U.S. West Texas Intermediate crude rose 57 cents, or 0.6%, to $96.89 a barrel, after earlier gaining almost $4 to trade at $100.02. WTI has been trading at its widest discount to Brent in 11 years due to releases from U.S. strategic reserves and higher freight costs, while renewed attacks on Middle Eastern energy facilities boosted support for Brent. "Escalation in the Middle East, precise attacks on oil infrastructure, and the death of Iranian leadership all point to a prolonged disruption in oil supplies," Phillip Nova analyst Priyanka Sachdeva said ⁠in a ‌note. "Adding fuel to the fire, the Federal Reserve served 'steady rates' with a hawkish narrative, pointing to the economic concerns that follow a war." U.S. FED HOLDS STEADY The U.S. central bank held interest rates ⁠steady on Wednesday, projecting higher inflation as policymakers take stock of the impact of the U.S.-Israel war with Iran. On Wednesday, QatarEnergy said Iranian missile attacks on Ras Laffan, the site of Qatar's core LNG processing operations, caused "extensive damage" to its energy hub. Saudi Arabia said it intercepted and destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas facility. Saudi Aramco's SAMREF refinery in the Red Sea port of Yanbu was also targeted in an aerial attack on Thursday. Kuwait Petroleum Corporation said an operational unit at its Mina al-Ahmadi refinery was hit by a drone, igniting ‌a limited fire. Iran issued evacuation warnings before its attacks for several oil facilities across Saudi Arabia, the UAE and Qatar, as it prepared to retaliate for strikes on its own energy infrastructure in South Pars and Asaluyeh. South Pars is the Iranian ⁠sector of the world's largest natural gas deposit, which Iran shares with U.S. ally Qatar on the other side of the Gulf. Israel carried out the South Pars gas field attack, but the United States and Qatar were not involved, President Donald Trump said late on Wednesday. He added that Israel would not further attack Iranian facilities in South Pars unless Iran attacked Qatar, and warned that the United States would respond if Iran acted against Doha. Earlier, Reuters reported that Trump's administration is considering deploying thousands of U.S. troops to reinforce its operation in the Middle East, in preparation for the next steps of its campaign against Iran.

Dalal Street witnessed a sharp selloff on Thursday, led by a steep fall in HDFC Bank, India’s largest private lender. The share price plunged by up to 9%, erasing over Rs 1 lakh crore in market value in a single session and marking its worst single-day decline since March 2020.The trigger was the resignation of part-time Chairman and independent director Atanu Chakraborty. In his letter, Chakraborty cited developments and practices at the bank over the past two years that did not align with his personal values and ethics. “This is the basis of my aforementioned decision,” he wrote.He highlighted that his tenure coincided with key milestones, including the merger with HDFC, which transformed the institution into one of the largest financial conglomerates in the country. While he also noted that the full benefits of the merger are yet to materialise, the move cemented HDFC Bank’s position as the second-largest lender in India.A near 9% fall in a heavyweight like HDFC Bank underscores the significance of the development and the influence of the individual at the centre of it. Here’s a closer look at Atanu Chakraborty.Atanu is a retired 1985-batch IAS officer from the Gujarat cadre, who served as the Economic Affairs Secretary in the Ministry of Finance, Government of India, until his retirement in April 2020. He has also represented India as an alternate Governor on the World Bank Board and was a member of the Central Board of Directors of the Reserve Bank of India. His appointment as Union Economic Affairs Secretary was approved by the Appointments Committee of the Cabinet.He holds a BTech degree in Electronics and Communication Engineering from the National Institute of Technology, Kurukshetra. He further pursued a postgraduate diploma in Business Finance from ICFAI, Hyderabad, and completed his MBA from the University of Hull in the United Kingdom.HDFC Bank moved swiftly and appointed Keki Mistry, former CEO of HDFC, as interim part-time chairman with approval from the Reserve Bank of India. Following the development, the lender organised a conference call.What did Keki Mistry say?Addressing analysts a day after the surprise exit, interim chairman Keki Mistry said there was "no power struggle within the bank" and stressed that the board had not witnessed any kind of complete difference in opinion in its meetings."None of us is aware of the issues raised by Chakraborty in [his] letter," Mistry said, adding that there had been no discussion regarding governance within the board.Mistry added that the lender’s leadership remained aligned, dismissing suggestions of internal discord. The management team does and will continue to work cohesively, he said, adding that there has been no discussion regarding governance within the board.Mistry added, "I would never remain on the board if there were any governance issues," while asserting that the institution remained "very, very strong on ethics."The interim chairman also sought to reassure investors and stakeholders, saying there were no material matters at this point in time and that the board remained committed to safeguarding investor confidence.Mistry also emphasised that the resignation had no bearing on the bank’s business performance. "What happened yesterday has nothing to do with operational profitability," he added.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)