Shares of Oil India Limited (OIL) surged over 3% in early trade on Friday, tracking a sharp rise in global crude oil prices. Brent crude futures jumped more than 8%, crossing the $75 per barrel mark after Israel launched a major military offensive against Iran. As of 9:20 AM, the shares were trading 2.96% higher at Rs 482.20.
The geopolitical tensions escalated after Israeli Prime Minister Benjamin Netanyahu confirmed a “targeted military operation” on Iran’s nuclear and ballistic missile facilities. Key sites hit reportedly include the Natanz enrichment plant and missile infrastructure. Netanyahu stated that the operation would continue “as long as necessary” to eliminate the perceived threat.
Meanwhile, U.S. Secretary of State Marco Rubio clarified that the United States was not involved in the strikes and emphasized that safeguarding American forces in the region remains a top priority. He also warned Iran against targeting U.S. interests.
In anticipation of potential retaliation, Israel’s Defense Minister declared a special state of emergency. Iranian media has reported the death of Hossein Salami, commander of the IRGC, though the information is yet to be independently verified.
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