Crude Oil Surge Above $115 Hammers Crude-Sensitive Stocks in India

Crude oil prices have skyrocketed past $115 per barrel (Brent crude hovering around $115-116 as of March 9, 2026), driven by escalating geopolitical tensions in the Middle East, including the ongoing US-Israel-Iran conflict and disruptions in key shipping routes like the Strait of Hormuz. This dramatic rally—up over 24% in a single session in some reports—has triggered widespread fears of escalating input costs, fuel surcharges, and renewed inflation pressures across crude-dependent sectors. Aviation stocks bore the brunt of the sell-off.

(InterGlobe Aviation) shares plunged as much as 7-8% intraday, reflecting the airline's heavy exposure to ATF (aviation turbine fuel), which constitutes 30-40% of operating costs. With limited fuel hedging, carriers like IndiGo face significant earnings erosion—analysts estimate a $5 rise in crude can dent profits by around 13%. SpiceJet followed suit, tumbling up to 8%, exacerbating concerns over its already strained profitability amid flight disruptions from West Asia airspace issues.