Crude-Sensitive Stocks Surge as Brent Dips Below $76

Shares of crude oil-sensitive companies climbed sharply on Wednesday, with !HPCL, $BPCL L, $IOC , and IndiGo rising up to 4.5% amid a continued slide in global oil prices. Brent crude futures dropped 1.8% to $75.71 per barrel, touching a low of $75.60 — its weakest level since late February. WTI crude also fell to $72.03, the lowest since early March. Lower oil prices are expected to ease input costs for airlines like IndiGo and improve marketing margins for oil marketing companies (OMCs) such as HPCL. Increased tanker traffic through the Strait of Hormuz, following eased geopolitical tensions and potential normalization of Iranian oil supplies, has weighed on prices.