Brent Near $100: Winners and Losers Among Oil Stocks

Brent crude climbed to around $99.5 per barrel, its highest level since July 2026, extending gains for a third straight month. Prices are already up about 10% in September, raising concerns for fuel retailers while boosting earnings prospects for upstream producers. While rising crude prices are negative for the fuel marketing business of OMCs, the impact is being cushioned by exceptionally strong refining margins. The clearest beneficiaries of the current crude rally remain ONGC and Oil India, while refiners such as Chennai Petroleum, MRPL and Reliance Industries also stand to gain from elevated GRMs.