New Delhi, June 23 -- The US involvement in Iran could queer the pitch for financial markets only if Iran or its proxies decide to escalate by targeting US bases or choking the Strait of Hormuz. That's something markets will be closely watching over the next few days as it could impact energy prices, with a fifth of global demand of 100 million barrels per day passing through the waterway. However, given the current global supply-demand dynamic, crude might not sustain at higher levels for too long, a plus for energy-dependent markets like India, believes Jyotivardhan Jaipuria, founder and MD of Valentis Advisors.

With the US joining the war on Iran as we speak, focus on the markets will shift to events in the Middle East over the next f...