---
title: "Policy Pulse — Global Spillover — 09 Jul 2026"
ticker: "XOM:CVX:OXY:LMT:NOC:RTX:ONGC:COALINDIA:HAL:BEL:SPACE"
date: "2026-07-09"
tags: ["policy-pulse","global","iran-war","oil","defence","strait-of-hormuz","tomahawk"]
summary: "Iran-US conflict escalates as Trump declares MoU 'over'. Iran strikes 85 US sites; oil surges to 8/barrel. Global markets sell off (Nifty -2.23%, KOSPI -5.35%). US approves Tomahawk missile sale to Germany. India's defence stocks and oil producers emerge as relative winners."
model: "deepseek-chat"
---

## 🌍 Iran-US Conflict Escalates — Oil Surges, Global Markets Sell Off

**The US-Iran conflict has dramatically escalated.** Key events:

1. **🇮🇷 Iran struck 85 US military sites** in Bahrain and Kuwait on July 8
2. **🇺🇸 US launched second night of airstrikes** against Iran, targeting Qeshm Island, Bandar Abbas, and Sirik (near nuclear facilities)
3. **🇮🇷 Iran attacked 3 tankers** in the Strait of Hormuz (Jul 6-7) over non-compliance with Iranian passage control
4. **🇺🇸 Trump declared the June 17 MoU "over"** at the NATO summit in Ankara (Jul 8), but said talks could continue
5. **🇮🇷 Iran filed UN complaint** against US for "gross war crimes"
6. **🇰🇼 Kuwait intercepted 3 ballistic missiles, 1 cruise missile, 10 suicide drones** from Iran
7. **🇯🇴 Jordan intercepted 8 Iranian missiles** in its airspace

### Market Impact

| Metric | Change |
|--------|--------|
| Brent Crude | $72 → $78/barrel (+8.3%) |
| S&P 500 Futures | -0.82% |
| KOSPI | -5.35% |
| Nifty 50 | -2.23% |
| Nikkei 225 | -2.11% |
| Stoxx 600 | -1.69% |
| CSI 300 | -0.77% |
| Gold | -2.24% ($4,066/oz) |
| Bitcoin | $61.9K |

---

### 🇺🇸 US Stocks Benefiting from Oil Surge & Defence Escalation

| Stock | Impact | Reason |
|-------|--------|--------|
| XOM | 🟢 Positive | Integrated oil — Brent at $78; Iran supply disruption = higher prices |
| CVX | 🟢 Positive | Chevron — Permian + Gulf exposure; crude price surge tailwind |
| OXY | 🟢 Positive | Pure-play upstream; Buffett holding; highest beta to crude price |
| COP | 🟢 Positive | ConocoPhillips — upstream heavy; benefits from elevated crude |
| HAL | 🟢 Positive | Oil services — drilling demand increases with elevated crude prices |
| SLB | 🟢 Positive | Global oil services leader; Middle East operations exposure |
| LMT | 🟢 Positive | Lockheed Martin — Iran conflict = missile/defence system demand |
| NOC | 🟢 Positive | Northrop Grumman — B-21 bomber, integrated air/missile defence |
| GD | 🟢 Positive | General Dynamics — naval shipbuilding, land systems demand |
| RTX | 🟢 Positive | Raytheon — missile defence (Patriot, THAAD) in high demand |
| SPACE | 🔴 Negative | SpaceX fell 7% despite Nasdaq 100 addition; risk-off hurts growth/tech |
| TSLA | 🔴 Negative | Growth/risk-off; Iran uncertainty weighs on high-beta names |
| SPY | 🔴 Negative | Broad market selloff; S&P futures down |

---

### 🇮🇳 Indian Stocks — Impact of Iran Conflict on India

| Stock | Impact | Reason |
|-------|--------|--------|
| ONGC | 🟢 Positive (Inferred) | India's largest oil producer — benefits from elevated crude prices |
| OIL | 🟢 Positive (Inferred) | Oil India — upstream producer; crude price linkage |
| IOC | 🟡 Neutral-but-watch | Indian Oil — refiner; higher crude raises working capital needs but inventory gains |
| BPCL | 🟡 Neutral-but-watch | Similar to IOC; marketing margins could compress |
| HPCL | 🟡 Neutral-but-watch | Refining & marketing; crude pass-through uncertain |
| TATAMOTORS | 🔴 Negative (Inferred) | Slowdown risk as fuel prices rise impact auto demand |
| MARUTI | 🔴 Negative (Inferred) | Petrol/diesel price impact on car buying sentiment |
| EICHERMOT | 🔴 Negative (Inferred) | Two-wheeler demand sensitive to fuel prices |
| NTPC | 🟢 Positive (Inferred) | Higher crude → coal substitution; NTPC benefits |
| COALINDIA | 🟢 Positive (Inferred) | Coal demand rises as crude makes alternative fuels expensive |
| INDIGO | 🔴 Negative (Inferred) | Jet fuel prices surging with crude; ATF pass-through limited |
| HAL | 🟢 Positive (Inferred) | Defence spending boost — India's defence budget likely to increase with regional tensions |
| BEL | 🟢 Positive (Inferred) | Defence electronics — increased procurement amid Indo-Pacific tensions |
| HDFCBANK | 🔴 Negative (Inferred) | Banking — higher oil = inflation = slower rate cuts = NIM pressure |
| GOLDBEES | 🟢 Positive (Inferred) | Safe-haven demand despite short-term gold dip; Iran uncertainty supports gold |

---

### 🌍 Strait of Hormuz — Global Supply Chain Risk

| Impact Area | Stocks | Impact |
|-------------|--------|--------|
| Shipping (tanker rates) | MAT, GESHIP | 🟢 Positive — tanker rates spike with Hormuz disruption |
| Airlines | INDIGO, SPICEJET | 🔴 Negative — ATF costs surging |
| Refiners | RIL, IOC, BPCL | 🟡 Neutral-but-watch — gross refining margins may improve but crude costs rise |
| Consumers | HINDUNILVR, ITC, NESTLE | 🔴 Negative — fuel inflation = rural demand headwind |
| Fertilizer | IFFCO, CF | 🟢 Positive — oil-linked input costs; but supply chain risk |

**Overall Confidence: 4/5** — Confirmed by Fortune, Al Jazeera, BBC, AP, Reuters. War is real and ongoing — not speculative.

---

### 🇺🇸 US Approves Sale of Tomahawk Missiles to Germany

The US approved the sale of Tomahawk missiles to Germany as Friedrich Merz pushes for increased European defence spending. UK, France, and Germany pledged to spend more than **$50 billion on long-range weapons**.

| Stock | Impact | Reason |
|-------|--------|--------|
| RTX | 🟢 Positive (Named) | Raytheon manufactures Tomahawk cruise missiles |
| LMT | 🟢 Positive (Inferred) | Lockheed — broader defence export demand |
| NOC | 🟢 Positive (Inferred) | Northrop — missile systems and defence electronics |
| GD | 🟢 Positive (Inferred) | General Dynamics — naval launch systems for Tomahawks |

**Confidence: 4/5** — Confirmed by ET reporting and US government approval.