ONGC

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OIL

Shares Gain Up to 4% as Crude Prices Surge Amid Escalating Israel-Iran Tensions

Stock Market Yesterday:

and Oil India shares advanced by nearly 4% on Friday, June 13, driven by a sharp spike in crude oil prices triggered by renewed conflict between Israel and Iran. Despite a broader market downturn, emerged as one of the top performers within the Nifty 50 index. Both Sensex and Nifty 50 benchmarks declined sharply, plunging over 1.5% each during the session. Crude Price Rally Boosts , Upstream energy companies like and tend to benefit from rising crude prices, as it enhances their revenue realisation. However, the ongoing surge in crude may spell trouble for several other industries. “The economic fallout of this Israeli offensive could be substantial if tensions and retaliatory actions from Iran persist. Israel has indicated the operation may extend over several days. Brent crude has already surged by approximately 12% to $78 a barrel, and prices could escalate further if Iran blocks the Strait of Hormuz, which would severely disrupt global oil supply,. Industries dependent on oil-derived raw materials such as airlines, paints, adhesives, and tyre manufacturing may face significant cost pressures. Meanwhile, oil producers like and are likely to remain relatively insulated and may even benefit. Oil India’s share price opened at ₹480 and climbed to an intraday peak of ₹486, reflecting nearly 4% intraday gains.