- Oil prices surged above $114 per barrel amid Iran war tensions affecting Middle East supply
- Indian Oil Corporation shares dropped up to 7.34%, trading near Rs 158 on Monday
- Hindustan Petroleum shares fell as much as 8.59%
Share prices of Oil Marketing Companies (OMC) faced the brunt on Monday as the oil price surged $114 per barrel for the first time since 2022 on Monday after the Iran war intensified, threatening production and shipping in the Middle East.
Shares of Indian Oil Corporation Ltd. fell as much as 7.34% intraday with the stock trading at Rs 157.98 apiece.
Meanwhile, shares of Hindustan Petroleum Corp Ltd. fell as much as 8.59% intraday with the stock trading at Rs 376.35 apiece. Bharat Petroleum Corporation Ltd. share prices were no better as the stock plunged 8.49% intraday with the stock trading at Rs 328.35 apiece.
The price for a barrel of Brent crude, the international standard, surged past $114 after trading resumed on the Chicago Mercantile Exchange. That was up 22% from its Friday closing price of $92.69.
West Texas Intermediate, the light, sweet crude oil produced in the United States, also was selling for about $114 a barrel. That's 25% higher than its close Friday at $90.90.
With the war entering the second week, the surge in the oil prices have disrupted key countries and transport routes vital to the production and movement of oil and gas from the Persian Gulf.
The last time Brent and US crude futures traded at these levels was in 2022, following Russia's invasion of Ukraine.
Indian Oil Corporation Ltd.
IOC Share Price Today
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The scrip fell as much as 7.34% intraday to Rs 159.39 apiece during the day. This compares to a 2.74% decline in the NSE Nifty 50 Index. The total traded volume so far in the day stood at 18.20 times its 30-day average. The relative strength index was at 34.24
Out of 34 analysts tracking the company, 21 maintain a 'buy' rating while eight maintain a "hold" and five maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 186.38 implies an upside of 18.3%
Hindustan Petroleum Corp Ltd.
Hindustan Petroleum Corp Ltd.
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The scrip fell as much as 8.59% to Rs 376.35 apiece during the day. This compares to a 2.74% decline in the NSE Nifty 50 Index. The total traded volume so far in the day stood at 5.28 times its 30-day average. The relative strength index was at 33.81
Out of 34 analysts tracking the company, 24 maintain a 'buy' rating while four maintain a "hold" and six maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 514.25 implies an upside of 37.2%
Bharat Petroleum Corporation Ltd.
BPCL Share Price Today
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The scrip fell as much as 8.49% intraday to Rs 328.35 apiece during the day. This compares to a 2.74% decline in the NSE Nifty 50 Index. The total traded volume so far in the day stood at 8.07 times its 30-day average. The relative strength index was at 30.60.
Out of 33 analysts tracking the company, 25 maintain a 'buy' rating while four maintain a "hold" and five maintain a "four" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 421.44 implies an upside of 29.5%.
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