Crude Oil Surges to $113/bbl: HPCL and Rivals Drop 5%, Gas Stocks Rally

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Crude Oil Price Spike: HPCL, peers fall up to 5%, gas stocks rally as crude hits $113/bbl

Crude Oil Price Spike: HPCL, peers fall up to 5%, gas stocks rally as crude hits $113/bbl

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CNBC TV18•19-03-2026, 09:37

Crude Oil Price Spike: HPCL, peers fall up to 5%, gas stocks rally as crude hits $113/bbl

•Oil-sensitive stocks, including HPCL, BPCL, and IOC, declined up to 6% as crude oil prices surged due to escalating West Asia tensions.
•Brent crude reached $112 per barrel, nearing its conflict peak of $120, while WTI crude rose to $99 per barrel.
•The price hike follows intensified attacks on energy infrastructure by Israel and Iran, with Iran retaliating against an Israeli strike.
•Higher crude prices negatively impact oil marketing companies (OMCs) and paint stocks due to increased input costs.
•Upstream producers like ONGC and Oil India benefit from rising crude prices, with potential revenue increases of ₹300-₹400 crore per $1 barrel rise.

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