Oil prices jumped more than 4% on Monday as the Israel-Hamas war entered its third day following a surprise strike on Israel by Palestinian insurgents Hamas.
Brent crude traded 4.53% higher at $88.41 a barrel on Monday, while West Texas Intermediate futures jumped 4.69% to $88.67 per barrel. Oil futures have spiked more than 5% to above $87 per barrel following the outbreak of a conflict between the nations.
Israel is not an oil producer, but there are fears that the conflict would create further instability in the region and lead to tighter restrictions on Iranian oil. While neither Israel nor Palestine are major players in the global energy picture, both nations are located in a key region for oil that could have broader implications.
Brokerage firm Nomura expects that due to geopolitical events, countries like India and the Philippines, which heavily rely on oil imports, may face challenges if oil prices surge.
The six oil exploration and production stocks listed below fell up to 3.4% today.
Indian Oil Corporation Ltd
Indian Oil Corporation Ltd shares fell 3 percent to Rs 87 per share on Monday, with a market capitalization of Rs 1,23,631 crores.
Indian Oil Corporation Ltd is involved in refining, pipeline transportation, and marketing of petroleum products, as well as R&D, exploration and production, and sale of natural gas and petrochemicals.
Bharat Petroleum Corporation Ltd
Bharat Petroleum Corporation shares fell 3.1 percent to Rs 336.15 per share on Monday, with a market capitalization of Rs 73,732 crores.
BPCL is India’s second-largest government-owned downstream oil producer which is engaged in the business of refining crude oil and marketing petroleum products.
Hindustan Petroleum Corp Ltd
Hindustan Petroleum Corp shares fell 3.4 percent to Rs 249 per share on Monday, with a market capitalization of Rs 35,726 crores.
Castrol India Limited
Castrol India shares fell 2.3 percent to Rs 134.65 per share on Monday, with a market capitalization of Rs 13,338 crores.
Castrol India Ltd manufactures and markets automotive and industrial lubricants, as well as provides associated services.
Mahanagar Gas Ltd
Mahanagar Gas shares fell 1.7 percent to Rs 1,095.30 per share on Monday, with a market capitalization of Rs 10,938 crores.
Mahanagar Gas Limited, (MGL) one of the India’s leading Natural Gas Distribution Company, which is engaged in the natural gas distribution network in Mumbai and its neighboring areas.
Reliance Industries Ltd
Reliance Industries shares fell up to 1 percent to Rs 2,295 per share on Monday, with a market capitalization of Rs 15,54,964 crores.
Reliance is one of India’s leading exploration and production companies, with a balanced domestic conventional and unconventional hydrocarbon portfolio.
Written by Omkar Chitnis
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