** Nifty 50 .NSEI, Sensex .BSESN slip 0.85% each in broad decline as escalating tensions in oil-rich Middle East spook investors
** Twelve of 13 major sectors decline; broader smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 shed 0.4% each
** Asian markets fall, with MSCI Asia ex-Japan .MIAPJ0000PUS losing 1% MKTS/GLOB
** Meanwhile, crude LCOc1 surges 9% after Israel's strikes on Iran escalated geopolitical tensions, raised supply concerns O/R
** "Any disruption in the Middle East could hurt several key Indian sectors, including oil marketing companies, paints, automobile and cement industries," says Naveen Vyas, senior vice president, Anand Rathi Finance
** If tensions further escalate, domestic markets will see immediate setback, three analysts say
** Domestic oil refiners fall; upstream oil cos gain on crude's surge
** Interglobe Aviation INGL.NS, SpiceJet SPJT.BO slide after Thursday's fatal Air India crash that killed more than 240 people
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

