Shares of Indian Oil Corporation (IOC) climbed 3.39% to ₹144.67 on Monday after crude oil prices saw their steepest single-day fall since March 2022. The stock opened higher from its previous close of ₹139.92 and touched an intraday high of ₹145.30, lifting its market capitalization to over ₹2.04 lakh crore.
The surge in IOC stock mirrors gains seen across other oil-marketing companies (OMCs) following a sharp decline in crude prices triggered by geopolitical relief. Brent crude dropped below $70 per barrel, falling over 3.7% to $68.79, while WTI crude plunged nearly 4% to $65.46—the lowest levels in more than a week.
The correction came after U.S. President Donald Trump announced a “complete and total” ceasefire agreement between Israel and Iran. The de-escalation eases concerns over Middle East oil supply disruptions and is expected to improve refining margins for downstream companies like IOC, which benefit from lower input costs.
Energy analysts also flagged that oil prices had previously spiked due to fears of Iranian retaliation and potential Strait of Hormuz closure, but the ceasefire now reduces that risk considerably.
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