Indian Refiners Fall as Brent Crude Hits Four Year High
Shares in Indian Oil and HPCL fell over 6% on Monday as Brent crude reached $117. The price rise follows escalating conflict involving Iran and Israel.
Shares of major refining companies in India slumped on Monday as the widening conflict between the United States, Israel, and Iran propelled energy prices to multi-year highs. The geopolitical turmoil drove Brent Crude Oil up by as much as 26.4%, with the benchmark hitting a peak of $117.16 per barrel before settling at $114.08 by 9:15 a.m. IST. The surge in crude costs triggered a sell-off across the sector. Indian Oil lost 6.6%, while Hindustan Petroleum Corporation Ltd (HPCL) dropped 7.5% and Bharat Petroleum Corporation Ltd (BPCL) slid 7.1%. Market heavyweight RELIANCE INDUSTRIES LTD also saw its shares decline by 2% as investors reacted to the potential for squeezed refining margins amidst the global supply uncertainty.
