ONGC shares jumped over 3% in early trade on Thursday, tracking a sharp rally in global crude oil prices. As of 9:30 AM, the shares were trading 2.84% higher at Rs 254.35.
The surge in oil prices was fueled by escalating geopolitical tensions in the Middle East, particularly between the United States and Iran. Reports indicate the U.S. is preparing to evacuate non-essential staff from its embassy in Baghdad, raising concerns over regional stability and potential supply disruptions in the global oil market.
Brent crude futures rose $2.90 or 4.3% to close at $69.77 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $3.17 or 4.9%, ending at $68.15 per barrel. The rally in crude prices is seen as a positive trigger for oil exploration companies like ONGC, which benefit from higher realizations.
ONGC shares opened at ₹251.50 and hit an intraday high of ₹255.20, while the low stood at ₹250.58. The stock remains significantly below its 52-week high of ₹345.00 but well above its 52-week low of ₹205.00.
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