Oil Marketing Companies' Shares Surge Amid Iran-US Peace Talk Hopes
BPCL, HPCL, IOC shares jump up to 5% as oil's skyrocketing rally cools down on fresh Iran-US peace talk hopes
The Economic Times
Image: The Economic Times
Shares of oil marketing companies in India, including Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation (IOC), rose up to 5% as renewed peace talk hopes between Iran and the US kept oil prices below $100 per barrel. This optimism follows a previous round of negotiations that ended without agreement.
- 01BPCL and HPCL shares surged over 5% amid renewed peace talk hopes between Iran and the US.
- 02Oil prices remain below the crucial $100 per barrel mark, with Brent crude at approximately $95.
- 03Negotiations are reportedly making progress, with potential talks set to occur in Pakistan.
- 04Investor sentiment improved as oil futures edged up after a sharp decline.
- 05Shares of other oil refiners also saw gains, reflecting overall market optimism.
Advertisement
In-Article Ad
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.
Advertisement
In-Article Ad
The rise in shares of oil marketing companies indicates improved investor confidence, which could lead to increased market activity and potential benefits for consumers if oil prices stabilize.
Advertisement
In-Article Ad
Reader Poll
Do you believe the peace talks between Iran and the US will lead to a significant drop in oil prices?
Connecting to poll...
More about Bharat Petroleum Corporation
Read the original article
Visit the source for the complete story.