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As on : 12-Jun-2026

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12-Jun-2026 11:09

OMC stocks gain as crude oil drops on hopes of US-Iran peace deal

Bharat Petroleum Corporation rose 2.69%, while Hindustan Petroleum Corporation gained 2.27%. Indian Oil Corporation added 2.10%.

Brent crude futures fell $1.92, or 2.12%, to $88.46 a barrel. The decline in oil prices followed comments from US President Donald Trump, who said a deal with Iran could be reached as early as this weekend.

In a post on Truth Social, Trump said he had called off planned strikes after discussions with Iran were elevated to the highest levels of the Iranian leadership. He added that key elements of a proposed agreement had been approved in principle and in detail by multiple countries, including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt.

A decline in crude oil prices typically benefits oil marketing companies by lowering the cost of raw material. These companies procure crude oil, process it into fuels and market the finished products. Since retail fuel prices do not always move in tandem with fluctuations in crude prices, a sharp rise in oil costs can weigh on profitability by narrowing refining and marketing margins.

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