Indian share markets experienced a significant downturn on Monday, with the Sensex declining by 2.08% to 75,937.16 and the Nifty 50 falling 1.92% to 23,589.60. This decline came on the heels of failed peace negotiations between the United States and Iran, which resulted in oil prices soaring above $100 per barrel. The breakdown of talks, which took place in Islamabad, left the situation unresolved, with Iran rejecting the US's terms. In response, US President Donald Trump announced that the US Navy would initiate a blockade of the Strait of Hormuz, heightening geopolitical tensions in the region. This news contributed to a sharp increase in oil prices, with Brent crude rising approximately 7% to $102 per barrel. The Indian markets had previously enjoyed a 6% rise last week, their best performance in over five years, as investors were optimistic about a potential ceasefire. However, the current developments have shifted the sentiment, leading to declines in other Asian markets as well, which fell about 1%.