Shares of oil marketing companies in India experienced a significant boost on Wednesday, with Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) both rising over 5%. This surge comes as renewed hopes for peace talks between Iran and the United States emerged, following a previous round of negotiations that ended unsuccessfully. US Vice President JD Vance noted progress in discussions, while President Donald Trump hinted at potential talks occurring in Pakistan within the next few days. The optimism surrounding these negotiations has helped keep oil prices comfortably below the critical $100 per barrel threshold, with Brent crude trading around $95 and WTI Crude at $91. The positive sentiment in the market also led to gains for other oil refiners, although Oil India shares fell by 3%. Overall, the market is pricing in an earlier resolution to the conflict in the oil-rich Middle East, which could restore normal shipping routes through the Strait of Hormuz.