$ONGC

Shares of upstream oil producers Oil and Natural Gas Corporation (ONGC) and Oil India declined in early trading on Friday as crude oil prices extended their losses following comments by US President Donald Trump that eased fears of a broader Middle East conflict. Global crude benchmarks came under pressure after Trump indicated that talks with Iran had progressed and announced the cancellation of previously planned military strikes. Brent crude futures fell $1.21, or 1.3%, to $89.17 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.23, or 1.4%, to $86.48 per barrel. For the week, Brent and WTI were down 4.2% and 4.4%, respectively. The decline in oil prices weighed on investor sentiment toward upstream energy companies, whose revenues and profitability are closely tied to global crude price trends. Market sentiment was further supported by signs of a potential diplomatic breakthrough between the US and Iran. Trump stated that Washington was close to reaching an agreement with Tehran and later claimed that the US had "ended the war with Iran today." The remarks raised expectations that disruptions to oil supplies from the region could be avoided, reducing concerns over energy market volatility.