IOC, HPCL and BPCL climb over 4% intraday as oil and gas stocks rally
A jump in crude oil prices driven by geopolitical conflict has lifted Brent to a monthly gain of about 14%, while WTI breached $106 a barrel for the first time since May. With India importing nearly 90% of its crude, higher prices raise rupee-denominated energy and transport costs, adding pressure to inflation and economic growth. Against this backdrop, shares of refiners and gas firms including IOC, HPCL, BPCL and GAIL rose more than 4% intraday, alongside gains in Petronet LNG and Reliance Industries.