
Oil & gas stocks witnessed a mixed trend in Monday’s session as global crude oil prices surged over 2%, with Brent crossing $81 per barrel, following new US sanctions on Russian oil producers and vessels.
- HPCL: Shares dropped 5.77% to ₹366, reacting to higher input costs as crude prices spiked.
- IOC: The stock declined by 4.53%, trading at ₹124.45, affected by tightening global supply concerns.
- GAIL: Shares slid 1.36% to ₹177.15 amid volatility in the energy sector.
On the brighter side, Oil India edged up 0.46%, reflecting optimism in domestic exploration players as Indian refiners look to source more from alternative markets like the Middle East, Africa, and the Americas.
Stock | Current Price (₹) | % Change |
---|---|---|
Asian Energy Services | ₹371.95 | -3.06% |
BPCL | ₹272.15 | -1.96% |
Castrol India | ₹185.05 | -2.78% |
Chennai Petroleum | ₹588.60 | -2.21% |
Confidence Petroleum | ₹68.56 | -1.75% |
Deep Industries | ₹563.15 | -1.56% |
GAIL | ₹177.15 | -1.36% |
Gujarat State Petronet | ₹341.80 | -1.07% |
Gulf Oil Lubricants | ₹1,058.95 | -3.67% |
Hindustan Oil Exploration | ₹182.65 | -3.74% |
HPCL | ₹366 | -5.77% |
IOC | ₹124.45 | -4.53% |
Linde India | ₹6,354.85 | -1.36% |
Mahanagar Gas | ₹1,250 | -2.80% |
MRPL | ₹139.50 | -0.85% |
Oil India | ₹458.20 | +0.46% |
ONGC | ₹258.05 | -1.90% |
Petronet LNG | ₹318.50 | -0.52% |
Reliance Industries | ₹1,237.20 | -0.41% |
Crude Oil Surge & Its Implications
Brent crude rose above $81 per barrel, while WTI traded near $78, marking a four-month high. The surge followed aggressive US sanctions targeting Russian oil producers Gazprom Neft and Surgutneftegas, along with over 150 tankers shipping Russian crude.
The sanctions, aimed at disrupting Moscow’s revenue streams, have reshaped global oil trade, with Indian and Chinese refiners increasingly sourcing from other regions, potentially boosting freight costs and prices further.
The tightening market adds pressure on OPEC+ to revisit its output curbs, while colder weather and falling US stockpiles also contribute to crude’s upward momentum.