On May 11, 2026, shares of Indian oil and gas companies faced significant pressure as the Nifty Oil & Gas index declined by 1.6%, falling to 11,414.90 points. This decline was driven by a sharp rise in global crude oil prices, with Brent crude reaching $105.80 per barrel, a 4.45% increase. The sell-off in oil stocks was part of a broader downturn in the Indian equities market, influenced by rising tensions between the US and Iran. Mahanagar Gas experienced the most significant drop, falling approximately 4.5%, while other major companies like Indian Oil Corporation and Bharat Petroleum Corporation saw declines of over 2% each. Prime Minister Narendra Modi's recent appeal for citizens to limit fuel consumption and prioritize domestic products is seen as a response to the economic challenges posed by high crude prices. Analysts predict that continued high oil prices could exacerbate India's current account deficit, with potential negative implications for economic growth in FY27.