06 Apr , 2026 By : Debdeep Gupta
OMC stocks remained under stress on Monday as escalating tensions in the US-Israel-Iran conflict continued to push crude oil prices higher, with Brent topping $110 per barrel.
Shares of the Indian Oil Corporation fell 1.92% to Rs 131.56, while Hindustan Petroleum Corporation declined 1.43% to Rs 321.35. Bharat Petroleum Corporation also slipped 1.53% to Rs 273.9 in the early afternoon trading.
The weakness in OMC stocks comes as rising Brent crude prices raised concerns over higher input costs and potential pressure on marketing margins.
The global crude market has been thrown into disarray by the ongoing conflict, triggering a severe supply shock that is evolving into a broader energy crisis. Oil and refined product prices have surged sharply, fuelling inflation, weighing on economic growth, and adding pressure on businesses and consumers.
Amid the disruption, Saudi Aramco has raised the official selling price of its benchmark Arab Light crude for Asia to a record premium of $19.50 per barrel above regional benchmarks for May shipments, Bloomberg reported citing pricing documents. The move reflects tightening supply conditions as flows through the Strait of Hormuz remain heavily restricted.
On the geopolitical front, the United States, Iran and regional mediators are reportedly exploring terms for a potential 45-day ceasefire that could pave the way for a lasting resolution. However, prospects for a near-term agreement within the next 48 hours remain limited.
Over the weekend, Donald Trump escalated rhetoric, warning of severe military action if Iran does not reopen the Strait of Hormuz. Tehran has rejected the demand, and the vital shipping route remains largely closed, with only limited vessel movement allowed.
In a partial relief measure, Iran said Iraq would be exempt from the restrictions, potentially allowing some recovery in oil exports. Separately, Iraq's State Organization for Marketing of Oil (SOMO) indicated that the country's shipments would not be affected, enabling traders and refiners to continue lifting Iraqi crude, Bloomberg reported.
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