BPCL, IOC, HPCL Fall Up To 5% As Brent Jumps 13% Above $82 After U.S.-Israel Strikes On Iran

OMC Stocks Under Pressure In Early Trade

Shares of state-run oil marketing companies declined sharply in morning trade. Bharat Petroleum Corporation Limited fell as much as 4.7% to ₹367.1 per share, marking its steepest intraday decline since June 13, 2025, based on exchange data.

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Indian Oil Corporation dropped 5%, while Hindustan Petroleum Corporation Limited slid 5.2% in intra-day trade. At 09:35 AM, BPCL was down 3.4%, compared with a 0.8% decline in the Nifty 50. IOC and HPCL were lower by 3.5% and 1.8%, respectively.

The Nifty Oil & Gas Index was down 1.8% at the same time, according to NSE data.
So far in 2026, BPCL and HPCL shares have declined 3.1% and 13.7%, respectively, while IOC has gained 8.4%, as per exchange data.

Brent Surges After Escalation In West Asia

Bloomberg reported that Brent crude rose as much as 13% to above $82 per barrel, the biggest surge in four years, after coordinated U.S.–Israel strikes on Iran and subsequent retaliatory action by Iran on February 28 and March 1.

According to international media reports, U.S. President Donald Trump said U.S. forces sank nine Iranian naval ships and that combat operations would continue until objectives were completed. Reports also stated that Iran responded with strikes against Israel and U.S. bases in the region.

Nearly 20% of global oil flows pass through the Strait of Hormuz, and over 40% of India’s crude imports transit this route, according to industry estimates cited by brokerage reports.

Earnings Sensitivity To Crude Prices

Antique Stock Broking said in a note that higher crude oil prices could pose near-term earnings risks for oil marketing companies and city gas distributors. JM Financial said Brent crude has climbed to a seven-month high amid concerns of supply disruption.

With Brent trading above $82 per barrel and OMC stocks falling up to 5.2% on March 2, the sector remained under pressure in early trade as crude prices reacted to the escalation in West Asia, according to exchange and Bloomberg data.