13 Jun , 2025 By : Debdeep Gupta
Shares of oil marketing companies (OMC), paint, tyre and other crude sensitive companies plunged on June 13 amid sharp rise in crude oil prices. This comes after Israel conducted strikes on Iran.
Brent crude oil futures shot up over 9 percent to hit a multi-month high of around $75.61 per barrel. WTI Crude Oil Futures also gained over 9 percent to hover around $74.39 per barrel. The sharp rise in the oil prices came after Israel carried out what it called "preemptive strikes" against Iran.
Israeli Prime Minister Benjamin Netanyahu said the airstrikes were aimed at key parts of Iran’s nuclear and military program. "We struck at the heart of Iran's nuclear enrichment program, Iran's nuclear weaponization program, Iran's main enrichment facilities, leading nuclear scientists, and ballistic missile programs," Netanyahu said.
PM Netanyahu said in a video message, "Moments ago, Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel's very survival."
Multiple explosions were heard across Tehran, CNN reported citing Iran's state news agency IRNA. Iran has meanwhile vowed to fight back, raising concerns of further escalations, and further hike in oil prices.
OMC stocks:
The shares of oil market companies significantly plunged. Bharat Petroleum Corporation (BPCL) shares dropped over 4 percent in the morning, while Hindustan Petroleum Corporation (HPCL) shares declined around 4.5 percent. Indian Oil Corporation (IOC) shares also dropped around 3 percent.
Meanwhile, the shares of oil producers like ONGC and Oil India jumped up to 3 percent, buoyed by the rising prices of oil.
Paint stocks:
Asian Paints shares tumbled around 2 percent in the morning. This came after the stock saw significant rise in the previous session after equity worth Rs 7,703 crore changed hands in a large block deal.
Indigo Paints and Berger Paints shares meanwhile dropped around 4 percent in the morning. Notably, crude oil is a key raw material for paint companies.
Tyre stocks:
Apollo Tyres shares dropped 2 percent in the morning to trade at Rs 448 apiece, while India’s most expensive stock MRF declined over Rs 400 per share (0.31 percent) to hover around Rs 1.36 per share.
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