OMC Stocks Gain As Israel-Iran Ceasefire Signals Ease Supply Fears; Brent Holds At $94

Shares of India's three state-run oil marketing companies (OMCs) moved higher on Tuesday, 09 June 2026, as crude oil prices steadied following signals from both Israel and Iran that they had paused attacks on each other. On the National Stock Exchange (NSE), Indian Oil Corp Limited (IOCL) shares traded 0.74% higher at ₹136.70, Bharat Petroleum Corporation (BPCL) gained 0.75% to ₹287.30, and Hindustan Petroleum Corporation (HPCL) rose 0.90% to ₹376.10.

At 03:07 PM on 09 June 2026, IOCL is trading up 1.84% at ₹138.10, BPCL is trading up 1.46% at ₹289.30, and HPCL is trading up 2.45% at ₹381.90.

Brent crude traded near $94 a barrel, down a marginal 0.27% from its previous close, while US benchmark West Texas Intermediate hovered around $91.01 a barrel. Indian benchmark indices also recovered, with the Nifty 50 rising 0.6% to 23,259.45 and the Sensex gaining 0.7% or 511 points to 74,035, snapping a two-day losing streak.

Oil Prices In Context

The pause in hostilities came after both sides exchanged fire for the first time since April's ceasefire. US President Donald Trump had earlier posted on Truth Social that both sides were moving toward an immediate ceasefire, with final negotiations under way, and suggested oil prices would fall sharply once a deal was reached.

Crude had jumped more than 5% on Monday after the renewed exchange of strikes reduced hopes of a quick end to the conflict. Brent has risen around 31% since the conflict began just over 100 days ago, while WTI has gained around 37% over the same period. At its peak in April, Brent touched above $126 a barrel before pulling back.

What This Means For India

Any sustained easing in crude prices would be meaningful for India, which imports nearly 90% of its crude oil needs. Every $1 rise in crude prices sustained over a year adds around ₹18,000 crore to the country's annual import bill.

State-run OMCs are currently absorbing significant under-recoveries. A government official said on Monday that under-recoveries stand at ₹6 per litre on petrol and ₹30 per litre on diesel. The daily combined under-recovery for OMCs, including losses on LPG sales, remains in the ₹600 to ₹700 crore range. The burden has eased somewhat following fuel price hikes implemented since May 14 and the recent dip in crude prices.

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A peace deal and continued access through the Strait of Hormuz would provide broader relief to the Indian economy and help reduce pressure on the rupee, which has been one of Asia's weakest currencies this year.

Sources:

NDTV Profit

Mint