BPCL shares fall more than 2% as Brent crude rises above $114

Shares in BPCL, the country’s second-largest oil explorer, plunged more than 2% on Friday as Brent crude prices crossed $114 a barrel for the first time ever. The other crude-sensitive explorers, including Oil India, were down over 1% in the day’s trade, while ONGC was trading higher on the back of higher realisation.

Brent reaches $114.72 as BPCL shares fall more than 2%

Brent crude rose as much as 1.4% to $114.72 a barrel, crossing $114 for the first time since May, according to Brent crude market data reported during Friday's session.

The share price of BPCL fell over 2% at 2:30 PM on Friday, based on the share price information available at that time.

Shares of companies such as oil marketing companies, aviation companies, paint makers and tyre makers went down during Friday’s trading session, as reported by the media.

HPCL, IndiGo and tyre shares record larger declines

HPCL’s shares fell around 3% by 2:30 PM while Indian Oil Corporation’s shares were down around 1.9% at the same time, based on the latest available share-price data from the session.

InterGlobe Aviation, the parent company of IndiGo, fell around 3% during Friday’s trading session.

SpiceJet shares declined more than 4% during the session.

Apollo Tyres shares fell more than 3%, while CEAT and JK Tyre & Industries declined more than 4%, according to the named companies' share-price data reported during Friday's session.

Kansai Nerolac Paints and Berger Paints traded 1% lower during the session.

Oil India falls as ONGC trades higher

Oil India shares traded more than 1% lower during Friday's session.

ONGC traded higher as increased oil prices were linked to higher realisations, according to the ONGC share-price coverage.

Higher crude prices were described as affecting oil marketing companies because retail fuel prices do not always immediately reflect higher input costs, compressing marketing margins.

Aviation turbine fuel was described as one of the airlines' largest operating expenses. Tyre and paint manufacturers use crude-linked raw materials, according to the supplied market coverage.

Brent records a third consecutive weekly gain

Brent crude gained 4.2% over the past week and 12.5% over the past month, according to Brent crude market data in the supplied coverage.

Brent was on course for a third consecutive weekly gain after rising in each of the previous two weeks.

The oil-price rise was linked to concerns about disruption to energy supply amid drone strikes on Saudi Aramco's Shaybah oilfield, attacks on energy infrastructure and tankers, and uncertainty around the conflict and stalled negotiations.

Reuters reported that Saudi Aramco ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified.