Middle East conflict hits stocks of crude oil-sensitive firms
New Delhi: Shares of crude oil sensitive sectors — oil marketing companies, aviation, paints, adhesives and tyres — declined on Friday following a spike in global oil benchmark Brent crude prices amid escalating tensions in the Middle East. The stock of BPCL fell by 1.90 per cent, Indian Oil Corporation dropped 1.78 per cent and HPCL declined 1.41 per cent on the BSE.
In intra-day trade, BPCL tanked 6.11 per cent, Hindustan Petroleum Corporation Ltd tumbled 5.34 per cent and Indian Oil Corporation dropped 3.91 per cent.
Shares of InterGlobe Aviation edged lower by 3.71 per cent and those of SpiceJet dipped 1.95 per cent.
During the day, SpiceJet fell 5.64 per cent and InterGlobe Aviation dropped 5.62 per cent. Global oil benchmark Brent crude jumped 8.39 per cent to USD 75.20 a barrel. 'Geopolitical tensions are heating up, and it's impacting the oil market! Israel's airstrikes on Iran have sparked fears of supply disruptions, causing crude oil prices to surge. The worry is that the situation could escalate into a full-blown regional crisis, which would have significant implications for global oil supplies,' Navneet Damani, Group Senior VP, Head Commodities Research, Motilal Oswal Financial Services Ltd, said.
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