Oil-linked stocks extend gains after Brent crude drops 4.55% to $83.36 a barrel

Brent crude fell 4.55% in a single session to $83.36 a barrel. The sharp decline helped lift oil marketing companies, airlines and paint makers as investors priced in relief on fuel and petrochemical input costs. The move was framed by easing U.S.-Iran tensions and expectations of smoother shipping through the Strait of Hormuz, which signalled improved supply conditions. The drop in the global benchmark underpinned expectations of a softer cost environment for crude-linked sectors.