• Source:JND
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Amid sudden rising tensions between Iran and Israel, crude oil prces surged globally. US West Texas Intermediate (WTI) crude futures surged 13.48% to settle at $77.21 per barrel, while Brent crude prices surged 12.82% to $78.25 per barrel. Domestic oil marketing companies have been impacted by this dramatic increase in global oil prices; during Friday's trading session, shares of BPCL, HPCL, and Indian Oil Corporation (IOC) saw a sharp decline.

BPCL Stock Drops by Almost 4%

On the BSE, shares of Bharat Petroleum Corporation Ltd. (BPCL) opened at Rs 306, down 3.98%. The stock has produced a return of 15.80% over the last three months, notwithstanding today's decline. The 52-week high for BPCL is Rs 376; the 52-week low is Rs 234.15.

Shares of HPCL Fall More Than 5%

With shares falling more than 5%, Hindustan Petroleum Corporation Ltd. (HPCL) took the brunt of the market sentiment. After opening at Rs 375.05, down 4%, the stock swiftly fell to rs 371.35. At present, the market capitalization of the company is 81,389.21 crore. The 52-week high and low for HPCL are Rs 457.20 and Rs 287.55, respectively.

IOC Drops by Almost 4%

Additionally, shares of Indian Oil Corporation (IOC) dropped by roughly 4%. After opening at Rs 138.60, the stock fell as low as Rs 137.40 during the day. IOC has produced a 12% return over the last three months, notwithstanding today's decline.

Also Read: Stock Market Crashes After Israel-Iran Tension; Sensex Falls Over 1,200 Points, Nifty Decline 1%

Market Outlook

The dramatic increase in crude prices coincides with growing geopolitical unpredictability, which could put short-term pressure on domestic oil companies. Oil marketing companies' profit margins are often impacted by rising crude oil prices, particularly when those price increases are not fully passed on to customers.