On April 30, shares of oil and gas companies in India declined as the Nifty Oil & Gas index fell by 1.65%, tracking a significant rise in global crude oil prices, which surpassed $126 per barrel. Brent crude futures were reported at $125.20 per barrel, up 6.07%, while WTI crude rose by 2.48% to $109.53 per barrel. The broader market sentiment was also affected, with the Nifty 50 index dropping 1.55% to 23,800. Analysts, including Gaurav Sharma from Globe Capital, noted that elevated crude prices negatively impact the Indian industry and oil marketing companies. Despite these pressures, Sharma remains cautiously optimistic about stocks like Oil India and Chennai Petroleum, suggesting them as potential investment opportunities. The surge in crude prices has been attributed to supply disruptions due to geopolitical tensions, particularly relating to the ongoing conflict involving Iran and the US. The situation in the Strait of Hormuz, a key global oil supply route, remains critical as the US has begun blocking Iranian ships, exacerbating concerns over oil supply stability.