ONGC shares rose 2% in early trade on Monday as global crude oil prices crossed the $75 per barrel mark, driven by escalating tensions in the Middle East. The geopolitical unrest between Israel and Iran has raised concerns over potential supply disruptions, pushing Brent crude higher.
As of 07:55 AM IST, Brent crude for August delivery was trading at $75.14 per barrel, up 1.24% on the Intercontinental Exchange (ICE). The surge follows an 8% rally on Friday when Brent spiked to $74 after Israel launched airstrikes on Iranian energy infrastructure.
According to reports, Israel targeted several oil and gas fields in Iran over the weekend, including the South Pars field—one of the world’s largest natural gas reserves. While no immediate supply interruptions have been confirmed, the attacks have triggered volatility in global energy markets.
In retaliation, Iran launched missile strikes on northern Israel, damaging parts of the Bazan oil refinery complex near Haifa. Though refining operations remain functional, certain units at the facility have been temporarily shut down.
ONGC shares opened at ₹253.99 and touched a high of ₹256.89 during the session, while the low stood at ₹252.19. The stock continues to trade within its 52-week range of ₹205.00 to ₹345.00.
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