News

The shares of oil marketing companies (OMC) tanked on Monday as the Indian stock market crashed today as the ongoing war in the Middle East led to a sharp spike in crude oil prices.

Indian Oil Corporation (IOC) share price cracked as much as 5.03%, Hindustan Petroleum Corporation Ltd (HPCL) shares declined as much as 5.31% and Bharat Petroleum Corporation Ltd (BPCL) shares fell 6.09%. Reliance Industries share price declined over 3%.

On the contrary, shares of oil producers rallied. Oil and Natural Gas Corporation (ONGC) share price jumped 4.73%, and OIL India shares surged 4.43%.

The fall in OMC stocks mirrors the broader trend in the Indian stock market today. The frontline indices, Sensex and Nifty 50, were trading sharply lower by more than 1% each.

OMC stocks declined as the crude oil prices spiked by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil. Brent rallied as much as 13% to above $82 a barrel, the highest level since January 2025, before paring the bulk of its gain.

Brent crude oil prices were up 4.82% at $76.38 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 4.31% to $69.91.

Meanwhile, Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon on Monday, as US President Donald Trump signaled the US-Israeli military assault on Iranian targets could continue for weeks.

Israel said it was attacking sites connected to Lebanon's Shi'ite Muslim armed group Hezbollah, one of Tehran's principal allies in the Middle East, after Hezbollah acknowledged launching missiles and drones toward Israel in retaliation for the killing of Iran's Supreme Leader Ali Khamenei.

During the weekend, the war in the Middle East escalated after the coordinated US–Israel strikes on Iran killed Iran’s Supreme Leader Ayatollah Ali Khamenei.

(More to come)

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories