Shares of India's state-run oil marketing companies (OMCs) Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, dropped nearly 2% to trade in red on Thursday, June 11, after global crude oil prices climbed to $95 per barrel-mark. This comes after US and Iran were locked in fresh military engagements comprising the ceasefire deal negotiations. US hit Iran across multiple target sites and Tehran retaliated by launching strikes on 18 US military bases.
The fresh escalation sent benchmark Brent crude and US West Texas Intermediate to trade higher, extending gains from the previous session. Shares of IOCL, BPCL, and HPCL opened lower and traded in red amid a volatile sentiment across the domestic frontline indices. On the NSE, shares of IOCL last traded 1.14% lower at Rs 135.32, BPCL traded 1.70% lower at Rs 283.70, and HPCL shares were last down 2.27% at Rs 365.80 apiece on the index.
Indian benchmark indices opened lower, with both Nifty 50 and Sensex declining in early trade. The NSE Nifty 50 fell 0.6% to 23,081. The BSE Sensex dropped 0.63% or 464 points to 73,518.75. Infosys and HDFC Bank were among the top losers at the open. High crude oil prices raised concerns over prolonged disruption to energy supplies. WTI July futures rose 2.94% to $92.68 per barrel. Brent August futures gained 2.52% to $95.45 per barrel.
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