Oil prices had risen by over 50% last month and weighed heavily on the PSU oil stocks. (AP)AI Quick ReadShares of oil marketing companies (OMC) rose up to 2.5% in the early morning session on Friday, April 10, as crude oil prices trimmed gains ahead of the US-Iran ceasefire talks scheduled to take place in Pakistan this weekend.
A possible breakthrough in the Middle East war and hopes of reopening the Strait of Hormuz, which accounts for nearly 20% of global oil passage, have pulled crude oil prices below their recent highs hit at the height of the crisis.
Oil prices had risen by over 50% last month and weighed heavily on the PSU oil stocks. This week, both contracts — Brent and WTI — have lost 11% so far, the biggest weekly decline since June 2025, according to a Reuters report. At the time of writing, Brent crude prices had pulled back from the earlier rise of 0.8% and were up 0.2% around $96/bbl as fresh anxiety over supplies from Saudi Arabia capped downside.
Against this backdrop, shares of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation (HPCL) rose 2%-2.5% today. Meanwhile, a positive sentiment in the Indian stock market also boosted gains.
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Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.<br>
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