The shares of oil marketing companies (OMCs) increased up to 5% on Wednesday due to renewed hopes for peace talks between Iran and the US. This optimism followed a previous round of talks that failed over the weekend, keeping oil prices below the key $100 per barrel mark. Trump indicated that talks could occur in Pakistan, which boosted investor sentiment.
More than 20 commercial vessels crossed the Strait of Hormuz in the past 24 hours, supporting market expectations for an earlier end to the ongoing conflict in the Middle East. Oil futures, after a sharp decline, edged up slightly but remained below $100 per barrel, with Brent crude futures near $95 and WTI crude futures at $91.
Bharat Petroleum Corporation (BPCL) shares surged over 5% to Rs 307.9, while Hindustan Petroleum Corporation (HPCL) shares also rose over 5% to Rs 368. Indian Oil Corporation (IOC) shares gained more than 3%. Other oil refiners, including Reliance Industries (RIL), saw gains, while Oil India shares dropped 3%.
