Reliance, IndiGo, Asian Paints Under Pressure as Crude Hits 15-Week High, Nears $100 Amid Iran-US Tension

Reliance Industries, BPCL, Indian Oil Corporation, InterGlobe Aviation and Asian Paints came under pressure on Wednesday, September 9, as crude oil prices climbed to a 15-week high amid renewed Iran-US tensions. The Nifty Oil & Gas index fell 0.58% in early trade to 10,980.55, against the previous close of 11,044.75.

The index later recovered its losses, helped by gains in Aegis Logistics, Chennai Petroleum and Aegis Vopak. At 11:07 am, the index was up 0.20% at 11,066.95 and rose 0.24% to 11,071.65 by 11:51 am. While oil marketing companies remained under pressure, some upstream stocks gained as higher crude prices can improve realisations.

Reliance, BPCL, IndiGo shares under pressure

Brent crude touched a 15-week high of $99.69 a barrel on Wednesday, its highest level since May 26, 2026. At 10:51 am, Brent was trading 1.13% higher at $99.03 a barrel, compared with the previous close of $97.92.

Higher crude prices can put pressure on oil marketing companies if domestic fuel prices do not rise in line with input costs. Airlines, tyre makers and paint companies can also face higher costs as crude-linked inputs become more expensive.

Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings at ICRA, said renewed hostilities between Iran and the US pose a risk to the limited crude supplies moving through the Strait of Hormuz.

He also said Iran's threat to establish a restricted maritime zone beyond the strait could put additional energy flows at risk. According to Vasisht, the rise in crude prices could push auto-fuel marketing margins into negative territory and increase domestic LPG under-recoveries, which are currently around Rs 200 per cylinder.

Iran-US tensions put oil supplies at risk

The latest rise in crude prices comes after renewed military action in the region. US Central Command said American forces destroyed five Iranian crude carriers on Tuesday, September 8, after the Islamic Revolutionary Guard Corps targeted a US Navy warship.

Four of the tankers were in the Gulf of Oman and one was near Kharg Island, a major hub for Iranian oil exports. The strikes followed similar US action against three Iranian oil carriers the previous week, adding to concerns over disruptions to regional oil supplies.

A major global investment bank has warned that crude prices could rise to as much as $120 a barrel if supply disruptions persist and Gulf production falls further below pre-war levels. It also raised its December 2026 Brent and WTI forecasts by $5 a barrel to a range of $80-$85.

For Indian stocks, the direction of crude prices will remain important for oil marketing companies, airlines and other businesses exposed to petroleum-linked costs, while upstream producers could benefit from higher crude realisations.

Also Read - Nifty IT Crashes Nearly 4% In Early Trade As IT Stocks Face Heavy Selling