Oil-Sensitive Stocks Under Pressure As Brent Nears $100; BPCL, HPCL, And Tyre Stocks Under Pressure

Shares of crude-sensitive companies faced selling pressure on 8 September 2026. The sharp rise in international oil prices raised concerns over higher input costs and inflationary pressures. Oil marketing companies (OMCs), tyre manufacturers and paint companies were among the key decliners.

At the same time, the impact was different for upstream oil producers. Oil India and Oil and Natural Gas Corporation Limited (ONGC) moved higher as rising crude prices supported expectations of better oil realisations.

Oil India shares closed at ₹495.40, up 1.72% on the National Stock Exchange (NSE). ONGC, on the other hand, closed at ₹236, up 0.98% on the NSE.

Rising Crude Prices Weigh On OMC Stocks

Following the news, Bharat Petroleum Corporation Ltd (BPCL) shares fell 2.88% to ₹303.90 in afternoon trade. It closed at ₹303.85, down 2.89%, on the NSE.

Hindustan Petroleum Corporation Ltd (HPCL) declined 2.42% to ₹348.25 before closing at ₹347 (down 2.77%) on the NSE. Indian Oil Corporation (IOC) slipped 0.92% to ₹133.90, and finally closed at ₹134.35, down 0.59%, on the NSE.

Brent crude futures rose more than 2% to around $99 a barrel after touching $99.22 during the session. This was the highest level since 24 July. US West Texas Intermediate (WTI) crude also gained more than 3%, reaching around $94.40 a barrel.

The rise in oil prices followed an attack by Iran-backed Houthis on Saudi energy facilities, which led to operations being halted at some facilities. Additional concerns emerged after Iran threatened the US with what it described as "economic warfare", increasing worries about further escalation and possible disruptions to energy supplies and shipping across the Middle East.

Paint And Tyre Stocks Also Felt The Impact Of Higher Crude

The pressure extended beyond OMCs, with tyre companies also witnessing declines as investors assessed the potential impact of elevated crude prices on raw-material expenses.

Apollo Tyres fell 2.20% to ₹411.55 before closing at ₹411.50 (down 2.21%) on the NSE. JK Tyre & Industries declined 1.07% to ₹364.50 and even went below, closing at ₹364.10, down 1.18%, on the NSE. CEAT also traded lower, further closing at ₹3,313.20 on the NSE, down 0.69%.

For tyre manufacturers, crude oil and its derivatives are important inputs. A sustained increase in oil prices can therefore put pressure on raw-material costs and margins, particularly if companies are unable to pass on the additional costs through higher product prices.

Paint stocks also moved lower. Berger Paints India declined 0.80% to ₹480.60. It dropped further and closed at ₹479.45 (down 1.04%) on the NSE. Kansai Nerolac Paints fell 0.44% to ₹193.42 and Asian Paints slipped 0.26% to ₹2,494.30. The two stocks closed at 193.40 (down 0.45%) and ₹2,481.60 (down 0.77%), respectively, on the NSE.

Aviation stocks, however, remained relatively resilient despite the oil-price surge. InterGlobe Aviation, which operates IndiGo, was marginally higher at ₹5,001.50 before closing at ₹5,000 on the NSE. SpiceJet remained flat at ₹9.59.

Goldman Sachs Raises Crude Forecasts

The outlook for crude prices has also shifted higher. Goldman Sachs raised its December 2026 forecasts for Brent and WTI by $5 each to $85 and $80 a barrel, respectively.

For 2027, its forecasts stood at $80 for Brent and $75 for WTI, based on an expectation that disruptions to Middle East shipping could continue into next year.

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