HPCL, BPCL to IOCL — oil PSU stocks dip as crude price jumps above $90/bbl

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Oil-marketing companies (OMCs) stocks like Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) fell nearly a percent in Thursday's trading session after global crude oil prices gained above $90 per barrel.
HPCL share price emerged as the top laggard, falling as much as 1% on NSE. Meanwhile, other PSU OMCs — BPCL and IOC shares also tanked less than a percent on Thursday.
PSU oil stocks remained under pressure after crude oil prices reversed their losses and turned higher during the intraday session.
Brent crude oil prices rose more than $1 per barrel on Thursday in a highly volatile trading session as investors weighed the impact of escalating U.S. military action against Iran against hopes of a diplomatic breakthrough that could restore shipping through the Strait of Hormuz.
Brent crude futures advanced $1.48, or 1.63%, to $92.22 a barrel, while US West Texas Intermediate (WTI) crude gained 43 cents, or 0.51%, to $84.89 a barrel.
Earlier in the session, both benchmarks had pared some gains after surging around 7%-8% on Wednesday, marking one of the sharpest single-day rallies since the Iran conflict intensified. The spike came after US President Donald Trump warned that Iran would face severe retaliation following Tuesday's missile attack on a US military base in Jordan.
According to the US Central Command, the United States launched a two-hour military operation against Iran.
A day earlier, the US and Saudi Arabia carried out joint strikes on Iran-backed paramilitary groups in Iraq, marking the first publicly acknowledged Saudi participation in US air strikes. The attacks were in response to drone strikes targeting Saudi oil facilities that were launched from Iraq.
The latest military action ended a brief pause in US strikes on Iran that had been in place since the weekend.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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