Indian crude oil futures plunged as much as 30% on February 13, according to MCX. This came after the International Energy Agency (IEA) lowered its global oil demand forecast for 2026 over potential US-Iran tensions. Globally, Brent crude oil futures fell $1.88, or 2.71%, while US West Texas Intermediate crude dipped by $1.79, or 2.77%, according to CNBC.